Monday, January 15, 2007

Spain will soon be richer than Germany!

Spaniards expect to be richer than Germans and Italians within 3 years, due to a burst of exonomic growth that has hoisted Spain from near the bottom of the European Union 10 years ago to now be closing on the top. "We are sure we are going to pass Germany and Italy in per capita income in two or three years," Jose Lui Rodriquez Zapatero said yesterday. Why? Labor-market overhauls (more flexibility, I assume; I will watch for more information) high immigration tax cuts and easy access to credit. Growth is expected to be 3.4% this year after 3.8% in 2006. Last year Germany's 2.5% growth was its highest in six years; that's lame. Source: WSJ Asia 1/16/07 I am still in Thailand. Now at a Novotel resort at Rayong on the Gulf of Thailand. A rainy day at the tropical beach!!

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