First published: Prospectmagazine.co.uk, 10/11/2015
Emerging markets were meant to be doing better than this by now
The OECD has become the latest international organisation to reflect on weaker global growth. Yesterday it trimmed its forecast for this year to 2.9 per cent, from 3 per cent, and to 3.3 per cent in 2016, from 3.6 per cent. It is concerned mostly about the weakness in world trade, which has hit emerging countries especially hard, and the economic slowdown in China.
Global forecasters don’t like to acknowledge that the much bellowed tectonic shift in the world economy towards China and the emerging world has got sand in its gears at the moment. Yet, the tilt in global growth back towards the richer economies of the OECD, which is growing at about 2.2 per cent this year and perhaps a bit more in 2016, is unmistakable….Read more: