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Its bad only if one doesn't accept the cycles of such an economy. Singapore on the other hand has some quarters where GDP is up 10-15% and later quarters where its down 7-8% and no one panics. The central bank stays prudent. The government knows double digit growth is not sustainable and puts excess money away. Its places like Brazil where the locals know the boom and bust, but the outsiders just chase growth and end up buying near the top of the cycle.
Unemployment rate of 5.4%. That's lower than in the USA.
Most Latin American countries have low headline rates of unemployment, but in every case its clearly not the same thing. Huge portions of the economy do not work in the formal sector so when they lose a job there are not unemployment benefits. The person just goes and tries to find another informal sector job. Even if someone is in the formal sector if they lose their job the benefits are generally not that great once they lose the job, but usually they have to get paid a pretty significant number of weeks or months of a paycheck before they can be legally let go. While on these benefits they are not unemployed technically and might find another job before they are officially out of work.
General rule with unemployment rate is use it just for trends, not for comparison to any other country. As many have talked about Spain has around 25% unemployment, but the unemployment benefits are generous so the unemployed don't have incentive just to take any job and even those out of work for 5 years are often better off than an American worker out of a job just 5 months.
All those countries that turned to booming China for export revenue, probably never thought the Chinese economy was going to cool down one day! So they look north to the U.S. and what do they see there? They look to Europe and what do they see there? Same ol', same ol'!
How about across the Atlantic to booming Africa? Now that's an idea!
Germany is in the same boat. It was a great boost to their economy, selling all those expensive German cars to the Chinese, and?
Australia was another one that got a little too dependant on China!
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