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Mail Call: A Bullish Report.(Letters)(Letter to the editor)
Readers of our Dec. 24 cover story on the world economy's bright future were divided over our coverage. "Well done, NEWSWEEK!" cheered one. But another reminded us, "The world's largest economy has been badly bashed." Two were disappointed that Bangladesh made the cover picture but not the story.
News About the World Economy
NEWSWEEK deserves a medal of journalistic merit for having the guts to run a cover story with the unusually uplifting title "The Good News" (Dec. 24). Barrett Sheridan and Daniel Gross's feature article was brilliantly researched and optimistically presented. Well done, NEWSWEEK! I agree that "the world economy has never been better." I just regret that my adoptive country of France came so low on the leader board of GDP growth rates: a fifth of China's and less than half the global average. But my heartwarming mood changed abruptly when the six pages of "good news" was followed by six pages of gloom and doom. Sharon Begley's academic analysis of the fear factor switched my amygdala into overdrive--almost enough to push me into a deep depression.
Karl H. Pagac
Villeneuve-Loubet, France
While it has always been my sincere wish that one ought to be more optimistic and look at the brighter side of events in the new year, I have my reservations over your argument that the world economy has never been better. For starters, the world's largest economy has been badly bashed by the subprime mess and the credit-crunch saga. The economic giants Japan and the EU are not performing well, as clearly suggested by your charts. Of the countries you tabulated, China, India and Russia continue to surge forward relentlessly. But with double-digit growth, China is being pushed closer to an unprecedented economic overheating that will have a devastating effect on global trade. Unless stringent measures are seriously launched by the United States and China to cushion the hard landings, the world may well face a severe financial blitz as a result of the ensuing wild economic turbulence. Realistic prevention will often be much more acceptable than unrealistic promulgation.
Tan Boon Tee
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