Wednesday May 06, 2009
Defying the Economic Odds
Dilip Hiro
Tomdispatch.com
The World Melts Down, China Grows
In the midst of the worst economic crisis since the Great Depression, a new world order is emerging -- with its center gravitating towards China. The statistics speak for themselves. The International Monetary Fund (IMF) predicts the world's gross domestic product (GDP) will shrink by an alarming 1.3% this year.
Yet, defying this global trend, China expects an annual economic growth rate of 6.5% to 8.5%. During the first quarter of 2009, the world's leading stock markets combined fell by 4.5%. In contrast, the Shanghai stock exchange index leapt by a whopping 38%. In March, car sales in China hit a record 1.1 million, surpassing the U.S. for the third month in a row.
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