More Gloom for Developed Economies

Here is a chart from The Economist showing how economies grew since the fourth quarter of 2007. Emerging  economies have grown the fastest while many developed economies are still below their pre-crisis level. Of the developed countries shown in the chart, Australia, Germany Switzerland and Sweden are above their pre-crisis levels. Germany would have recorded even higher growth had it not been for the poor economic performance and massive debt problems of some of its neighbors. China's economic growth is very impressive, but as my previous post indicates, the Chinese economy may be in a bubble.