Emerging World Rising
The US will face recurring challenges with the “fiscal cliff” until financial markets pressure policymakers into more radical deficit reduction. But, despite this and associated growth disappointments, the global economy will perform better in 2013 than many people expect, owing to emerging countries' rising share of global output.
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LONDON – Now that the leadership issues in the United States and China have been settled, we can finally frame the economic outlook for 2013 with the knowledge of who will be pulling the policy levers in the world’s two biggest economies. So, what will they do – and, perhaps more important, what will economic forces do to them?