Posted on 07/08/2009 8:04:32 AM PDT by MyTwoCopperCoins
The International Monetary Fund raised its 2009 growth forecast for Asia's developing economies from 4.8 percent to 5.5 percent but cautioned Wednesday that a sustained rebound will depend on recovery in developed economies.
The Washington-based IMF cited improved prospects for regional giants China and India. It raised its 2009 growth outlook for China by one percentage point to 7.5 percent and for India by 0.9 percentage points to 5.4 percent.
"The upgrade owes to improved prospects in China and India, in part reflecting substantial macroeconomic stimulus, and a faster-than-expected turnaround in capital flows," the IMF said in a report on global growth. "However, the recent acceleration in growth is likely to peter out unless there is a recovery in advanced economies."
(Excerpt) Read more at chicagotribune.com ...
In other news:
G8 struggles to persuade China, India on climate
http://www.freerepublic.com/focus/f-news/2287867/posts
ROME, July 7 (Reuters) - Rich nations sought to persuade China and India on Tuesday to agree to a goal of halving world greenhouse gas emissions by 2050 at a summit of major economies in Italy later this week.
Environment ministers or senior officials from the 17-member Major Economies Forum (MEF) met in Rome, trying to end deadlock over a declaration that could be a step towards a new U.N. climate pact due to be agreed in Copenhagen in December.
“Positions have not shifted,” a delegate said of the talks, called at the last minute to help leaders agree a united front on climate change on Thursday in L’Aquila, Italy, during a Group of Eight summit.
China and India have been opposed to a goal of halving world greenhouse gas emissions by 2050 as part of a declaration by MEF nations, which account for 80 percent of world greenhouse gas emissions.
The G8 countries — the United States, Japan, Russia, Germany, Britain, France, Italy and Canada — adopted a “vision” of a 50 percent cut in global emissions by 2050 last year and want major developing nations to sign up too.
But developing nations say the rich are to blame for most emissions from burning greenhouse gases since the Industrial Revolution and must set deep 2020 goals for cutting their own emissions before asking for help with 2050 goals.
Excerpted. Read more at link.
Absolutely nothing you read in the MSM today has any bearing on what's really happening.
They have a vested interest in seeing the Obama presidency succeed and they will use every tool at their disposal to make sure looks like it is doing just that.
You have a very valid point.
China and India deserve to clean our clock economically, and thanks to O will do it.
We are undergoing self-induced unilateral economic disarmament.
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