By Harry Broadman (original source Forbes)
“Most mainstream US and European media stories on the future prospects of the global economy dwell on the fortunes of either the advanced economies or of a very small set of large emerging market countries, often expressed in catchy (but not terribly meaningful) acronyms, epitomized by “BRICS”—Brazil, Russia, India, China, and South Africa. Businesses, investors, government officials and non-governmental organizations (NGOs) buying into this myopic view are missing the real story on what is driving global economic growth.
The Euro area continues to falter, punctuated by Greece’s chronic challenges; Japan’s economy remains anaemic, seemingly immune to remedial policies; and although the US has been nicely rebounding from a deep and prolonged recession, the days are long gone when the US alone could jump-start the global economy.”
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