Rich Countries Getting Soaked for a Change
Developing markets faring better in current economic downturn
By Jim O'Neill,  Newser User
Posted Jul 17, 2008 10:02 AM CDT
A Hewlett-Packard employee attends to an overseas customer at the company's Business Process Outsourcing center in Bangalore, India.   (AP Photo/Aijaz Rahi)
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(Newser) – As the US and other developed economies feel the crunch of a housing collapse and credit crisis, emerging economies, especially those fueled by commodities, have yet to feel the pinch, the Washington Post reports. "We are overloaded with money, crazy amounts of money from the energy market," a professor says of oil-rich Russia.

Industrialized nations linked to the US are finding the weight of its staggering economy is dragging them all down; Japan and Europe expect slow economic growth this year. And in places like India and China, key exporters of goods and services to the US, American consumers’ reluctance to spend is forcing businesses to lay off workers or shut down.