China Leads Better-Than-Expected Global Recovery

A 10% growth rate in China is helping fuel a global , though developed economies such as the U.S. will recover more slowly, the says. From the New York Times:

The monetary fund expected growth of 10 percent in China this year, up from 8.7 percent last year, as the country’s economy leads a broader Asian recovery. Emerging economies in Asia will probably grow at an average 8.4 percent pace this year and next, a strong improvement over last year’s 6.5 percent rate, the report said.

The managing director of the I.M.F., Dominique Strauss-Kahn, spoke recently in Hong Kong of “a historic moment for Asia,” as some countries there moved rapidly “to identify the key elements of a new model that can deliver sustained growth.”

Advanced economies are expected to return to a growth rate of 2.1 percent this year, after a contraction 3.2 percent in 2009. But “the recovery in advanced economies is still expected to be weak by historical standards, with real output remaining below its pre-crisis level until late 2011,” the report said.

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