By Martin Khor *
IDN-InDepth NewsAnalysis
The Eurozone crisis and the slowdown of the U.S. economy is impacting China, India and major countries in South America and Africa. They are increasingly faced with deterioration in GDP growth and exports. The forecast of a “staggering rise of the South” is turning out to be a myth.
GENEVA (IDN) – Developing countries are increasingly being adversely affected by the economic recession in Europe and the slowdown in the United States. The hope that major emerging economies like China, India and Brazil would continue to have robust growth, de-coupling from Western economies and becoming an alternative engine of global growth has been dashed by recent data showing that they are themselves weakening.