Entries for December 13, 2006

Good news from the World Bank's Global Economics Prospects 2007, released today. Growth in developing countries will reach a near-record 7 percent in 2006. That's much higher than the economic growth in high-income countries, a still respectable 2.6 percent, which is held down by slow growth in many of the sluggish welfare states of Europe. But the chief point is that the huge gap between the developed and the developing worlds is narrowing. This is wonderful news.