FIFO: Can China save global growth (again)?

Remember the Great Financial Crisis (GFC)? As the GFC engulfed the global economy, China stepped up with a shock-and-awe campaign of fiscal and monetary stimulus that stabilized not only the Chinese economy, but global growth. Can China save global growth again?

China recently reported surprisingly strong export growth for April, but the closely watched early May trade figures from South Korea badly missed expectations. Exports plunged -46.3% YoY. Exports to China fell -29.4%, which is hardly the picture of a robust economic revival.

Since China was the first major economy to enter the pandemic crisis, what does that mean for the world, based on a first-in-first-out principle?

The full post can be found here.