At Large
Sliding Into Recession
Not just here but in countries like India, which profited when the U.S. went on an overspending binge.
(Page 2 of 2)
Even if the worst were to happen, it wouldn't mean that all recent progress was illusory. India has raised its savings rate to 34%, and built up strong skills that are here to stay. But our sustainable long-term growth rate, in less-than-booming global conditions, may be only 7-8%
The last four years have been great, but let's not get too carried away.
Swaminathan S. Anklesaria Aiyar is a research fellow at the Cato Institute and a columnist for the Times of India.
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