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Tuesday, June 27, 2006

China Still Booming

The Chinese economy is on course to grow at an annual rate of 10.3 percent in the first six months of the year, at least according to data just released from the Bank of China. So there are no real signs of that long predicted slowdown, at least not just yet. Indeed growth in other parts of the world ex-China is also strong, with the IMF forecasting global growth at around 5% this year.

Now if you think about it, with Eurozone growth at around 2%, Japan at around 2.5% and the US around 3-3.5% (ie with the majority of the large developed economies running at well beow the 5% mark) this must mean that there is a hell of a lot of growth going on across the developing world and not just China. This is growth from very low per capita incomes sure, but it is driving the global economy, and it is what makes this current expansionary wave so stable.

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