World Economy - Stephen King: Can the world economy survive a US downturn? Yes, it already has
he US slowdown has already contributed to a narrowing US balance of payments deficit which, in effect, implies a reduction in US demand for goods and services produced elsewhere in the world. Despite this – and despite, also, a much weaker dollar – the rest of the world still seems to be performing rather well. In fact, the emerging world may be performing rather too well. Last week, China's statisticians revealed that China's economy expanded at an 11.5 per cent rate in the third quarter, only a minor slowdown relative to an ebullient 11.9 per cent outcome in the second quarter.
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