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Submerging economies

• Tim Weber
• 26 Jan 08, 02:04 PM

Today's Davos quote of the day comes courtesy of David Rubenstein, co-founder of private equity giant The Carlyle Group, which manages an investment pool worth $75bn.

"We can't really call economies like India or China 'emerging' anymore, and lump them in with countries like Chad. I don't know what to call them, but emerging doesn't fit.

"Anyway, what are Western economies right now? Submerging?"

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