There are lots of talk about the domestic demand of China and India. But, these countries' consumers' spending is not even 20% of the US! Even granted that they have so called domestic driven demand, where are their employment coming from? India got lots of outsourcing from US software firms, China got lots of manufacturing jobs from US Multinational corporations. When the US consumers cut down spending, do u think the demand for the services/manufactured goods from ChIndia will still be in big demand?
Call me stupid, I just don't buy the argument that ChIndia can "save" the whole world.
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