The world economy of this decade resembles that of the 1980s in many ways. On one count, it will probably be as sluggish as the 1980s. However, that decade witnessed the rise of the East Asian tigers. China has a much bigger economy than the tiger economies and export cannot be a long-term driver of its growth. It is likely that the country’s economy will continue to turn to domestic consumption to look for growth. Continue reading »
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