There is always some consolation in the fact that while our economy is bad, somebody else has it worse. Now, we recognize the egoism and the cynicism in that thought process, but human nature being what it is has always the tendency in such instances to somehow raise the spirits.
We should count ourselves lucky…The IMF expects at least 11 major parts of the world to have more severe economic contractions than the United State this year, including most of western Europe, Japan, Russia, and Mexico. Europe will still be stumbling along behind the United States next year, as well. Here are the IMF’s projections for economic growth in various parts of the world:
If these projections materialize, it means the US, despite its overspent consumers, fragile banking system, and insolvent automakers, will be leading the world economy out of recession.