Emerging Nations (not US, Europe, Japan) Powering Global Economic Boom

LAT: Emerging Nations Powering Global Economic Boom
The expansion is the strongest since the 1970s, with China, India and Russia setting the pace. But many U.S. workers are left behind.
By Tom Petruno, Times Staff Writer
May 14, 2006

The global economy is on a growth streak that is shaping up to be the broadest and strongest expansion in more than three decades.

Rising spending and investment by consumers and businesses worldwide are boosting national economies on every continent, pushing down unemployment rates in many countries and lifting business earnings and confidence.

Of 60 nations tracked by investment firm Bridgewater Associates, not one is in recession — the first time that has been true since 1969.

Yet this is a different kind of boom from any other in the post-World War II era, analysts say. The soaring economies of China, India, Russia, Brazil and other emerging nations increasingly are setting the pace, overshadowing the slower growth of the United States, Europe and Japan, where the benefits of the expansion have eluded many workers.

"This is the first recovery where developing economies are playing a dominant role," said James Paulsen, chief strategist at Wells Capital Management in Minneapolis, which manages money for big investors such as pension funds....

http://www.latimes.com/business/la-fi-boom14may14,0,7776835.story?coll=la-home-headlines