World in “Balance”
New data suggest a “rebalancing” of the global economy. Domestic spending in the developing world is beginning to replace export-buying American consumers as a growth engine.
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New data “suggests a much-desired ‘rebalancing’ of the global economy,” writes Robert Samuelson. “The world needs a new engine of growth to replace free-spending American consumers and their ravenous appetite for other countries’ exports. … Advanced countries can no longer borrow their way to prosperity. Hence, rebalancing. Developing countries, especially in Asia, that pursued export-led growth would shift to domestic spending.”
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