For the American and British economies it has been a long road out of the woods, but the journey is nearing its end. America\u2019s unemployment rate fell below 6% in September. Britain\u2019s economy, where output was up 3.2% in the year to June, is growing faster than any other big rich country\u2019s. Central bankers are counting the days until they can raise interest rates.<\/p>\n
Virtually everywhere else, however, the news is grim and getting grimmer. The euro zone, the world\u2019s second-biggest economic area, seems to be falling from a feeble recovery back into outright recession as Germany hits the skids. Shockingly weak industrial production and export figures mean Germany\u2019s GDP is likely to shrink for the second consecutive quarter\u201d\u201da popular definition of recession. Japan, the world\u2019s third-biggest economy, may also be on the edge of a downturn, because April\u2019s rise in the consumption tax is hurting spending more than expected. Russia\u2019s and Brazil\u2019s economies are stagnant, at best. Even in China, still growing at a suspiciously smooth 7.5% a year, there are worries about a property bust, a credit bubble and a fall in productivity<\/p>\n