Macroeconomics and Economic Growth
"Testing Times Ahead" is the title of the World Bank’s just released April 2008 East Asia and Pacific Update. As one of the team that put it together, I thought – before tottering off to bed – that readers might like a quick take - and a chance to comment - on some of the findings.
As you may have heard, our new World Bank Chief Economist is Chinese, so it was with interest that I watched a short interview of him on Bloomberg about China's economy:
The year 2007 was an important milestone in modern economic history. While the U.S. grew well, China contributed more to global GDP growth than the U.S. did. That pattern is likely to continue for the foreseeable future. Roughly speaking, the U.S. economy is about four times the size of China’s. If the U.S.