The global economy has stepped back from the brink, says International Monetary Fund chief, Christine Lagarde.
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On the Asian front, shares were up and the yen held strong, bolstered by strong signs of a rejuvenated stock market back in the United States.
However, Andrew Freris, BNP Paribas’ Senior Investment Advisor, doubts that the U.S. economy has fully recovered. Whereas the economy is currently growing at 2% to 2.5%, Freris says, its natural growth rate should be significantly higher:
“Do we have a consistent set of signs telling us that the American economy is steaming ahead, so that within 12 months we’ll be growing at 3.5%? The answer is a resounding ‘no.'”
Fortunately, Freris expects most parts of the global economy – the United States included – to be relatively unaffected by the coming slowdown in China, stating that China’s significance has been overstated:
“The notion that China somehow is the locomotive that drives the global economy is patently nonsense. It is nonsensical because in terms of its exports importance to G3 economy, it is relatively small, and its export importance to Asia, excluding Hong Kong and Taiwan, that are two very separate, very different economies.”