When will developed economies start to benefit from emerging markets’ growth?
The United States and Europe are only showing the very earliest signs of benefiting from the rebound in these emerging economies. A very export-dependent economy like Germany is showing early signs, as is Japan. But the process of rebalancing global growth from being led by the U.S. consumer to more balanced growth and eventually to being led by the emerging economies is a relatively long process. So this is not something people should expect to change the landscape in the next three to six months. It’s a multi-year, multi-decade process.