After every post-World War II recession, the US has been pulled out of trouble by domestic demand. But this time it is different, says US-based investment manager Alliance Bernstein: exports to emerging markets are riding to America’s rescue.

The company says while it is early days in the recovery, the US could be seeing “a structural realignment” of its growth sources, thanks to big gains in American competitiveness and strong increases in emerging market imports.

Given the fragility of the pick-up from the 2008-9 recession in the US and most other developed countries, that is a big call to make. But Alliance Bernstein says that if current trends persist, the US is well on the way towards developing a more balanced and sustainable economy.

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