The global economy is deeply interconnected. At present it seems that there is one country with such a powerful and influential economy that a small fault in that economy will cause the economy of the rest of the world to fall into recession. That one country is now falling into an economic recession of its own. That country is the United States.
Now many countries fear the effects of the US’s recession. Even small countries in Southeast Asia worry about its effects. Economists think that, since the US is a major exporter of goods from Asia, China and other major exporters will have to cut prices to gain access to the US markets, out-competing smaller businesses. http://www.chinapost.com.tw/business/2008/01/24/140402/U.S.-recession.htm
At a World Economic Forum meet, the focus was the fear of the US’s recession. However, some of the economists there believe that the growing economies of China, India, and some other countries will help keep the world from falling into the major recession others are predicting.
http://www.huliq.com/48151/fears-us-recession-dominates-wef-meet
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