Wednesday, August 10, 2011

The Shift in Economic Power

Interesting stats from The Economist's Daily Chart.

Since the end of 2007 the developing world has grown by 20 per cent, while the developed world* has failed to get back to where it was. This has accelerated the shift in economic power towards the developing world.

But note the crossover is still a forecast.

*definition of developed economies based on 1990 data: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, United States.

Another chart shows just how bad this recession has been in the US compared to previous recessions ... 

All the more reason why the US needs to be less concerned about debt right now and more concerned about growth and employment.

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