Consumer demand has been the main factor responsible for lower prices in retailing.

Higher import costs and lower export earnings combined to reduce the competitiveness of landlocked developing countries.

In most cases, fiscal deficits and lower export earnings were responsible for a deterioration of debt ratios.

If excessively high real interest rates are undermining the domestic demand that China needs to reverse the economic slowdown, one naturally wonders why the government does not take steps to lower them. The apparent answer is the government s overriding commitment to shifting the economy away from investment and export led growth.

China s rebalancing is apparent, first and foremost, in the export sector. Export growth has slowed from its 2001 2008 average of 29 annually to below 10 , making foreign demand a far less critical engine of growth.

The first impact of monetizing vanishing assets could be to lower demand for such goods, since one lawnmower, for example, can serve many people. But it will also lower the cost of using them.

Growth was broadly based in most countries, and manufacturing, in particular, benefited from the upturn in the electronics cycle and strong export demand.

Decentralization is strengthened when driven by demand from lower levels and achieved through a process based on public debate and inclusive policy making.

This is no surprise for an export led economy dependent on faltering global demand. But China s looming slowdown is likely to be both manageable and welcome.

In general, growth was broadly based, supported by robust export growth and higher commodity prices as well as strong domestic demand driven by low interest rates.

Against the backdrop of better growth and export prospects in developing countries in general, the recent trends revealed a smaller accumulation of debt and lower debt service burden.

As a result, however much the government cuts its spending, its deficit will barely shrink. And if all countries pursue austerity simultaneously, lower demand for each country s goods will lead to lower domestic and foreign consumption, leaving all worse off.

These changes in demand and supply suggest that the future price of oil will be lower than industry participants expected until just a few months ago. Some of the recent changes in expected future demand and supply could have been anticipated earlier.

This convergence will contribute to more sustainable economic growth, with Asia s economies rebalancing toward domestic demand, especially household consumption, and thereby becoming less vulnerable to external shocks. Given the decline in export demand since the global economic crisis, this shift could not be timelier.

The economy is also set for a boost from surging demand for British goods thanks to the weak pound, which will offset some of the lower consumer spending.

As a result, the income of the global elite is growing both rapidly and independently of what is happening in terms of overall output and employment growth. Demand for luxury goods is booming, alongside weak demand for goods and services consumed by lower income groups.

So the US economy faces a 750 billion shortfall of demand. Moreover, the usual automatic stabilizers of unemployment benefits and reduced income tax collections will do nothing to offset this fall in demand, because it is not caused by lower earnings or increased unemployment.

In the 1970s and 1980s, Japan was the envy of the world, owing to an all powerful export machine that tapped the demand of a rapidly growing global economy. Japan, Inc. still has a good institutional memory of what it takes to draw support from external demand.

First, the United States, and now Europe China's two largest export markets are in serious trouble and can no longer be counted on as reliable, sustainable sources of external demand. As a result, there are now major questions about the sustenance of China's long powerful export led growth model.

As the main driver of Chinese growth shifts from external to domestic demand, who could benefit more than Japanese exporters? China is already Japan s largest export market, leaving it ideally situated to capture additional market share in the coming surge of Chinese demand for consumer products and services.

Rebalancing also involves a global demand switch from external deficit countries to those running large current account surpluses. With lower spending and higher savings in the advanced economies, key emerging markets must take up the slack and start providing the demand needed to power the global recovery.

Europe is export led China s largest source of external demand as China goes, so goes the rest of China centric Asia and, from there, the ripples reach the shores of an increasingly export dependent US economy. As recent weakness in employment and retail sales suggests, that may already be happening.

But, until recently, the divergences were viewed in terms of interests, not philosophies. Americans wanted additional demand for their goods and higher prices, while the Germans and Japanese defended their export industries.

The new export orders index and import index were 48.0 and 48.5 , respectively 1.4 and 0.6 percentage points lower than the previous month, and the boom degree fell to the low of the year.

In emerging markets, slow growth in the advanced economies has shut down a traditional development path export led growth. As a result, emerging markets have had to rely once again on domestic demand.

Kazakhstan and Turkmenistan are also major exporters of natural gas. Russia depends heavily on Turkmen gas for domestic consumption and export abroad, which could prove vital as demand rises over the next decade.

Domestic demand led growth will be a more reliable strategy than export led growth. That means that countries with a large domestic market and a prosperous middle class will have an important advantage.

However, the global market is no longer able to absorb China s massive exports, not to mention the immediate impact of economic malaise in Europe and the United States on export demand. Moreover, rising labor costs and a stronger renminbi will also undermine China s export sector, causing GDP growth to slow this year.

Lower house prices throughout Europe are thus likely to be accompanied by weaker consumption demand, as in the US. In Germany, for example, house prices have remained relatively low and consumption weak.

Lower house prices throughout Europe are thus likely to be accompanied by weaker consumption demand, as in the US. In Germany, for example, house prices have remained relatively low and consumption weak.

The impact on growth will almost certainly be negative, even if domestic demand compensates fully for the decline in external demand. The reason is microeconomic, not macroeconomic you can sell only so much steel or auto parts at home, and labor productivity in service industries does not match that of export oriented activities.

Indeed, strong Chinese demand has supported its trading partners export led growth for much of the past three decades. But now, faced with a slowdown in China and significant downside risks there, the rest of Asia must abandon over reliance on export oriented development strategies and strive to ensure stable and sustainable growth domestically and regionally.

In both cases, regaining monetary sovereignty allowed a more competitive currency, which in turn increased export demand and assisted economic recovery. Under Grexit, Greece's best hope would be something similar a sharp boost in external competitiveness.

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Even with significant policy support, however, most of the smaller Asian economies Taiwan, Thailand, Singapore, and even South Korea will not be able to replace external demand with internal demand to the same extent that China can. So, even with rebalancing, exports will remain a significant determinant of their growth, and China is already their major export market.

With regard to weapons export, Tunisia does not manufacture weapons and so does not export them, nor does it import weapons for export.