December 27, 2004

MADSEN PIRIE of the Adam Smith Institute has the biggest economic stories of the year. Quotable:
US citizens trying to holiday abroad can be forgiven for thinking the big economic story of 2004 was the falling dollar, which does not get you very far these days ..

The third candidate for big news story .. was China. Powering ahead with growth rates close to 10%, it has sucked in world energy and raw materials, and churned out finished goods. Fears of overheating have abated somewhat as the Chinese have struggled to control their runaway tiger.

China helped to push world growth to about 5%, a 30 year high .. It is an awesome thing to watch wealth being created on such a scale. Hundreds of millions of people are being lifted clear of poverty, malnutrition, and maybe disease, which look set to become African rather than world problems ..

Posted by Greg Ransom | TrackBack