LATEST NEWS Steel
June 30, 2009
Who’s in charge of the global economy?
When it comes to global economic leadership these days, who is in charge? That’s no longer clear, Reed Construction Data chief economist Alex Carrick says in his latest economic report.
While the world has traditionally taken its cues from the U.S., China’s economy is experiencing an “awakening,” he says. “There is no doubt that China is positioning itself strategically.”
The country is acquiring vast swathes of land around the world to safeguard against food shortages and making investments in natural resource firms around the world, seeking iron ore and coal in order to fuel domestic steel production.
At the same time, China is the largest exporter to India, and last year Europe surpassed the U.S. as China’s largest export market.
Whither the almighty U.S.?
While China’s prospects are still tied to the American consumer, Carrick predicts American consumer spending is “set for a long dry spell.”
“It seems to be that the U.S. consumer spending recovery will be stretched out more than in the past,” he says, “but a good deal more resilient than is currently widely expected.”
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