Gazelles and Turtles
The world is currently divided into two groups of countries: those that are off to a strong recovery, and others that lag behind and are signaling new problems. This division, in turn, reflects a process of portfolio rebalancing, which is reversing the international ranking of growth rates relative to those before the crisis.
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MUNICH – The world’s worst post-war financial crisis is over. It arrived suddenly in 2008, and, after roughly 18 months, vanished almost as quickly as it had come. Bank rescue programs on the order of €5 trillion and Keynesian stimulus programs on the order of a further €1 trillion staved off collapse. After falling 0.6% in 2009, world GDP is expected to grow this year by 4.6%, and by 4.3% in 2011, according to International Monetary Fund forecasts – faster than average growth over the last three decades.