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Wednesday, August 11, 2010

No surprise here..

from the FT

Consumers in developing countries more confident

By Daniel Pimlott in London
Published: August 10 2010 16:59 | Last updated: August 10 2010 16:59
Consumers in major developing countries are massively more confident about the state of their economies than their counterparts in western Europe and the US, according to an opinion poll that lays bare the two-paced nature of the global recovery.
In India 85 per cent of consumers see their country’s economic situation as good, while 77 per cent of people in China and 65 per cent in Brazil are also positive about their economies.
However, in Spain just 5 per cent view their economic situation positively, in France 6 per cent, in the UK 13 per cent and the US 18 per cent, according to a survey of 19,000 citizens in 24 countries by Ipsos Mori.
The gulf between the major developing economies, which have grown robustly out of the downturn, and many of the major developed nations, which have continued to battle fears of renewed recession and sovereign debt problems, underlines the sense of an emerging new world order in the aftermath of the financial crisis....

The weakness in confidence in western Europe and the US appears to have deepened this year as fears of fresh crisis have emerged over sovereign debt problems.