Discerning which way the global economic 'pendulum' is swinging

IN world markets and across the global economy, dynamics are constantly shifting back and forth like pendulums, favouring one country or sector, then another. The forces driving economic "pendulums" are indefinite, but while it may be hard to pinpoint exactly where each market will wind up, we may know the direction some are heading.

Looking at growth, we see that the pendulum is swinging away from the world's second-largest economy …