Here’s a handy chart from Oppenheimer’s John Stoltzfus.
It reminds us that a little bit of growth in the U.S. will go a lot farther than a lot of growth out of China.
And don’t forget: Japan is the world’s third largest economy, which shows just how high the stakes are as the country’s leaders embark on extremely aggressive monetary policy.
“Germany’s 4th place position and relative size to the top three economies adds credence, in our view, to expectations that the European monetary union and its singular currency (the euro) will outlast sceptics,” added Stoltzfus. “In aggregate the countries of the EMU, even in austerity and recession, nearly rival the size of the US economy.”