The large current account and fiscal imbalances in the US also find its reflection in the savings-investment mismatches that have risen substantially in the present decade. The private net savings in the US has declined from 8 per cent of GDP in the 1980s to less than 2 per cent in 2005.
(ii)  Surpluses in the emerging economies  Contrary to the US that has fed the domestic demand, in Asia and other emerging economies, growth since the late 1990s has been led by external demand. The current account has recorded large surpluses since 1999, particularly for China and other East Asian emerging market economies (EMEs) (Indonesia, Malaysia, Taiwan, Thailand).