AUTHOR: TOWNE SCHERER.COM 04/20/2015: Towne Scherer Private Wealth Management BLOG: ‘The New Rock Star’of the emerging market, according to a Bloomberg article by Enda Curran, is not China but India, whose economy is projected to grow at 7.5% in 2015. On the other hand, Curran believes the paradoxical challenge for China is to grow out of its “old growth model of credit-fueled, investment-led, export-powered growth” into a more “sustainable service sector, diversified economy.” Curran also noted that China astounded the world with a 10% annual average GDP gain from 1980 to 2012, building a $10.4 trillion economy, before slowing down to a projected growth of 6.3% in 2016. Also, on the world front, the IMF said in their latest forecast that “the strengthening dollar is boosting growth in the euro area and Japan while taking some steam out of the U.S. recovery.” Along these same lines, David Kelly, Chief Global Strategist, J.P. Morgan Funds, suggested that the stronger U.S. dollar would “be a positive force in the global economy and, in the long run, for global investors.” Kiplinger Personal Finance jumped on the band wagon by suggesting in January that “Europe is (a) fertile bargain hunting ground.” However, CNN, explained that “it’s quite possible European markets could finish the year 10% higher, but after the exchange rate (caused by a strong U.S. Dollar), an American investor would only be looking at, say, a 4% gain in dollar terms.” So much to think about while the Federal Reserve Bank considers moving interest rates up. On a final note, according to the Internal Revenue Service (IRS), 20-25% of all Americans wait until the last two week before the deadline to prepare their tax returns. In addition, the IRS reported that over 70% of tax returns filed before April 1 result in a refund while 61% of late filers end up owing money. That should tell you something about yourself.
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