New Financial Crisis

[Corky]

It’s not so long ago that experts were saying go east for growth. The economies of China, Russia, Pakistan are all basket cases. The far east will catch a cold from that. Japan and S. Korea have some serious structural problems with demographic imbalance. Meanwhile USA doing pretty good.
Go West, young man.

34 years of impressive growth in China before COVID.

 

[I'm With Stupid]

34 years of impressive growth in China before COVID.

Poor to middle income is always the easy bit though, whereas middle-income to high-income is much harder, especially when you've got a government that insists on an insane level of centralized control.

It's also fairly well-established that dictatorships exaggerate economic growth, and have little in the way of independent checks and balances, so while obviously China was growing at an impressive rate, it was certainly never quite as impressive as the official figures claimed.