Thanks, Globalization!

One more reason why protectionism is a bad idea (from Action Economics):

A more dour outlook for the U.S. and Europe was the driver behind the IMF recently cutting its projection for world growth this year, to 4.1% from 4.4%, which would mark a slowing from the 4.9% growth rate achieved in 2007. Indeed, the IMF is warning that economic activity could slow even further. But, keep in mind that even 4.1% growth is solid, as it exceeds the 3.7% average of the past quarter century. According to the IMF, emerging markets, including China, India and Brazil, will expand 6.9%, paced by China at 10% (matching the Action Economics growth forecast). This could still translate to sufficient global export demand to enable the U.S., Europe and Japan to avoid recession.

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