Recent front page article in the LA Times discusses the unprecedented boom of emerging economies. Of the 60 or so tracked by investment firm Bridgewater & Associates, not one is in recession. The last time developing nations' economies outpaced those of the developed world was in the early 1970s.
A number of issues arise as a result of this economic environment, namely increasing unemployment rates in developed countries like those in Western Europe, creation of new middle classes, greater demand for US goods (a more recent phenomenon), and of course a rise in real estate prices in new markets like Estonia. Some say the ballooning US trade deficit kick-started the boom in emerging markets, likening US top heavy demand for imports over the last decade to the post-WW II Marshall Plan.
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