China accounted for 85% of all global growth in 2012, 54% in 2013 and 30% in 2014. This is now likely to fall to just 24% this year, according to the UK bank, RBS. This is pushing the rest of Asia into recession.
Russia, Brazil, Argentina, and Venezuela are all contracting sharply, casualties of the China-driven commodity bust. The UN says the growth rate for the emerging market nexus (ex-China) has dropped to 2.3% from an average of 6.5% in the glory years of 2004-2007. China is suffering from debt bubble where credit has been ploughed into property and the stock market (in a huge stock market bubble) and less into productive investment. Now there is a vast inventory of unsold property. The country produced more cement between 2011 and 2013 than the US in the 20th century. full: https://thenextrecession.wordpress.com/2015/06/04/bubbles-profits-and-debt-look-out/ _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
