Interesting piece by the Economist Intelligence Unit covering the increasing importance of the developing world on the global economy. Key quote:
"Emerging markets, with their fast growth and hunger for imports, are sustaining the developed economies. If this continues, the global economy will achieve a soft landing. Yet many of these markets are showing signs of overheating: monetary tightening, or indeed the maintenance of high global commodity prices, could depress them and take the developed economies down too."
The EIU predicts a soft landing and positive global economic growth in 2009. They also point the risks to this forecast due to rising commodity and energy prices and inflation in general.
Also interesting is how they describe different countries growth rates for the first quarter of 08. According to the article, the eurozone showed "perky" growth of 0.7%, Japan managed "blistering" growth of 0.8% while the "sickly US chalked up a respectable annualized rate of 0.9%."