The Bank for International Settlements is out with their annual report for 2012. One of the first graphics in the report — showing the average rate of unemployment in developed economies versus that in emerging economies — is particularly striking:
The BIS commented on the relative states of the two groups of economies:
Overall, the economic momentum in advanced economies was too weak to generate a robust, self-sustaining recovery. The drag on private consumption persisted. Unemployment remained high, or even increased further. Falling property prices and high levels of debt continued to weigh on household balance sheets in the mature economies hit hardest by the financial crisis. Household sector weakness also weighed on business spending. Very weak public sector finances generally left no room for further fiscal stimulus.
Emerging market economies grew by around 6% in 2011, with the pace of growth moderating only slightly from 2010. Emerging Asia grew at 7.8%, led by China (9.2%) and India (7.2%); Latin America grew at 4.5%. Growth in central and eastern Europe was broadly unchanged at 5.3% for 2011 as a whole.
Maybe it’s time to move to an emerging market.
SEE ALSO: The State Of The World Economy