Simple truths about the economy

FT
"The truth is sometimes simple, however elaborate the detail. The main feature of the world economy over the past few years has been the growing savings surplus of China and other Asian countries. Until recently it was offset by consumer borrowing in the west, especially in the US and the UK. .....The best place to begin is the International Monetary Fund’s current World Economic Outlook . One table shows savings rates in “emerging developing economies” rising far faster than domestic investment. The difference, known as “net lending”, rose from negative numbers at the end of the 20th century to a peak of 5.2 per cent of gross domestic product in 2006. The figure of 5.2 per cent of GDP may not seem much, but the countries concerned are estimated to account for nearly 45 per cent of world output or more than $30,000bn a year."