United States Remain Undeterred by China's Sluggish Economy
Economists believe that China's deteriorating economic condition nowadays will greatly affect other parts of the world, including economic behemoth United States.
China is one of the world's economic powerhouses for the past years with its purchade of cars and luxury items from Europe and its high demand for oil, iron ore and other vital commodities from developing nations.
However, China's gleam seems to be fading these past few months due to slow economic growth, prompting economists to say that what's happening to China's market now may affect other parts of the globe.
According to a survey of 30 economists by the News Agency Associated Press, 57 percent. Or 17 people agreed that China's deteriorating economy will have a negative effect of the growth of other countries including Brazil, Chile, South Korea and Australia.
On the other hand, economists provided an exception in the case of United States, that previously faced an economic recession in 2007-2008, saying that it will largely remain unaffected from the economic turmoil happening in China.
Paul Ashworth, an economist at Capital Economics, said, "It's hard to see a slowdown in China having a really significant impact on the American economy, barring a complete collapse."
Furthermore, majority of the economists believe that the American economy may continue to expand at 2.5 to 3 percent per year until next year even if the economies of Europe, Japan or China slides down.
The US is steadily moving on the road to recovery from the 2008 Great Recession without getting deterred by the weakening economy in China, according to Morningstar economist Robert Johnson.
Johnson added that at a period when the United States was struggling to escape the great recession, the Asian country was growing at a double-digit pace in the year 2010. And now, the US economy has rebounded at an annual pace of four percent over the past six months, signaling a good future ahead of the country.
