C.  Emerging economies  Emerging economies are leading the global economy Despite advanced economies being burdened with respective problems, according to the World Economic Outlook of the International Monetary Fund (IMF), the growth rate of the global economy is forecasted to register growth of around 4.5 percent both in 2011 and 2012.
While I have mentioned that there had been a credit bubble for a protracted period before the Lehman shock, the average annual growth rate of the global economy for 10 years until 2007, which includes the bubble period, was 4.0 percent. Therefore, the forecast of “around 4.5 percent” for this year and next year can be considered to be rather robust growth.