IN THE second quarter of the year the global economy grew at its slowest rate since the end of 2009, according to The Economist's measurement, which is based on an assessment of 52 countries. This is mostly due to slower growth in America and China, and to the accelerating shrinkage of the euro-zone economy. In 1990 the US accounted for a quarter of the world’s GDP and China just 4%. Today America’s share is less than one-fifth, while China’s has expanded to 15%. Yet in the latest quarter America made its biggest contribution to world GDP growth since 2005 (excluding periods of global recession).
DEVELOPING economies account for almost all of global growth in GDP per person, according to the IMF. In 2011 they contributed some 80%, as advanced economies were still reeling from the recession of 2008-09. The recession ended both emerging-markets' accelerating growth rates, and (temporarily) the decoupling debate. But measured by GDP per person, growth rates may be back to pre-crisis levels.
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Most big advanced and developing economies alike saw stark downward revisions to their GDP forecasts (from the IMF's July update) for both this year and next. World GDP is expected to grow by 3.3% this year and 3.6% next year (down from 3.5% and 3.9%, respectively). India saw the biggest revision, with forecasts for 2012 reduced from 6.2% to 4.9%.
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