Next year, the world economy will shrink. Only Europe will have moderate growth. Wealth destruction will produce a growth recession in the US. Japan will continue to emulate an economic black hole in the middle of a time warp. Emergent economies’ growth will be negative.
Lousy economics destroyed Asian and Russian financial markets. But now emerging-market contagion will be a financially transmitted disease. Rich countries will be infected by financial flows more than by trade flows.
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