Is there light in global economic tunnel?
China could be a savior. “If you were to see a bit of daylight in the gloom of this global recession, it might be China. That country might pull the world through,” declared Cliff Waldman, economist and council director of Manufacturers Alliance/MAPI on Thursday. Waldman spoke at the Open Device Vendors Association (ODVA) annual meeting in Howey-in-the-Hills, Florida. “China is acutely aware of and fearful of social unrest. By developing the interior of the country, they can mitigate the huge drop in its exports and the resultant increase in unemployment,” he said. China has huge reserves of cash and can well afford to spend it on itself and to develop a more consumer-oriented society. The giant appears to be investing heavily in itself with a stimulus package of its own that is 15% of its gross domestic product (GDP) number, three times the percentage of U.S.’s recent package. The country’s economic growth rate is down, but that would be from outrageous and high levels of growth in th
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