Consumer spending is critically important because it accounts for more than 60 percent of GDP.â¿¿ DEVELOPING WORLD NOT HELPING ENOUGH: When the financial crisis hit, the major developed countries looked to the developing world to take over in powering global growth. The four big developing countries â¿¿ Brazil, Russia, India and China â¿¿ recovered quickly from the crisis. But the potential of the BRIC countries, as they are known, was overrated. Although they have 80 percent of the people, they accounted for only 22 percent of consumer spending in the 10 biggest countries last year, according to Haver Analytics, a research firm. This year, their economies are stumbling.
AP IMPACT: Families Hoard Cash 5 Yrs After Crisis
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