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Nobody is forecasting an actual recession in the euro area this year, but it is no longer expected to provide an engine for world growth.As for Japan, it is probably already in recession.
China's economy had become a major engine for world growth just as the U.S. economy had been a major engine for world growth in the last decade.
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In addition to the luxury vehicles, the factory turned out engines for World War II fighter planes.
The new study draws on ongoing ecohydrology research at Princeton, as well as data on engines for World War II-era fighter planes and modern car brands.
Its Alpha microprocessor was possibly the fastest chip in the world when it began shipping in 1994; its search engine for the World Wide Web, Alta Vista, became one of the most frequently visited Internet sites; and the company's services division was one of the most respected and profitable in the industry.
With developing countries already accounting for 40% of world GDP, emerging markets consumption growth will be an increasingly important growth engine for the world economy over the next two decades.
But the United States is unlike any other debtor nation in at least two critical respects: It is primarily responsible for maintaining the soundness of the dollar, which serves as the world's reserve currency; and its economy constitutes, so to speak, the starter engine for the world economy.
Antarctica, known simply as "The Ice" by old hands, contains 70% of the world's fresh water, and the cold currents welling from its shores are apparently an engine for the world's seas.
China will remain an important engine for the world economy.
"This is the energy engine for the world climate," Steffen went on.
Yesterday, its Alta Vista search engine for the World Wide Web eliminated 200 jobs, 25percentt of its staff.
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