Economic power shifting from US to Asia

We should dust up on our Cantonese and Hindi.

Amid economic slowdown, signs of new world order
By Mark Trumbull
http://news.yahoo.com/s/csm/20080602/ts_csm/ameristuck

The world economy is cooling this year thanks to a slowdown in the United States, but something new is playing out: This slowdown is serving to amplify a shift in financial power toward Asia and developing nations.

Countries such as China and India are now big enough to help guide the global economy. In the past, a sharp downshift in the US and Europe would decisively slow the rate of global growth.

This time, emerging markets appear poised to grow collectively by 6.7 percent this year, according to recent forecasts by the International Monetary Fund. As a result, the IMF sees world gross domestic product (GDP) growing 3.7 percent, even though the US might experience a recession.