The Party is Over
Many argue that a US recession will no longer affect the world because China has supplanted America as an engine of the global economy. But, while China is growing fast, it accounts for only 5% of world GDP, while the US contributes 28%.
MUNICH – With the United States teetering into recession, the global economic boom has ended. The boom was unusually long and persistent, with four years of roughly 5% growth – a period of sustained economic dynamism not seen since around 1970.