World Bank president Robert Zoellick noted that the rising economies of China and India, along with other nations will act as alternative growth poles for the global economy. Well, duh. Zoellick’s comments coincide as U.S. Federal Reserve chairman Ben S Bernanke acknowledged for the first time that the US economy may be in a recession. The timing couldn't be worse. Where the fortunes of nations decline significantly are when developing nations are on the rise. Its therefore not so much that the U.S. economy has slowed, it has, but the slowdown coincides with dramatic emerging markets. Globalisation characterizes the economy of China, India, and Brazil in particular. In 1993, there were skepticism in regards to both China’s and India’s prospects however by 1998, the world looked to China to maintain currency stability amidst the turmoil of East Asia. Zoellick stated that 33 countries face potential social unrest because of the steep hike in food and energy prices.
