On Wed, 23 Jan 2008, Doug Henwood wrote:
>> Can the BRICs keep up the pace by re-orienting their economies inwards
>> by the sheer force of public investment? I think they can.
>
> You may be right - though the Russian economy is still heavily driven by
> oil prices, and if oil prices continue to come off their highs, they may
> have a problem. But how much are China & India dependent on exports to
> the U.S.? Sure they might be able to shift to domestic-led growth, but
> it'd be a rough transition that could take years.
I thought India already was largely an inward-oriented economy. FWIW, if I'm reading these figures right, India exports less to the US in a year than China exports in a month:
China Exports to US: http://www.census.gov/foreign-trade/balance/c5700.html#2007
India Exports to US: http://www.census.gov/foreign-trade/balance/c5330.html#2007
Michael