NEW YORK Macroeconomic indicators for the United States have been better than expected for the last few months.

But are these differences really so large as to affect macroeconomic performance so dramatically?

First, macroeconomic indicators will be worse than expected, with growth failing to recover as fast the consensus expects.

Despite their strong fundamentals, emerging countries still feel vulnerable in the face of the West s economic weakness, policy shortfalls, and political paralysis.

Russian macroeconomic performance has greatly improved since the 1998 financial crisis, and this success can be attributed in part to improved monetary policy.

Performance measures

Performance measures

In attempting to cope with imperfect knowledge, they are not irrational when they pay attention to other macroeconomic fundamentals and thereby bid an exchange rate away from its parity level.

The present slowdown is affecting the fundamentals of individual companies almost as much as their stock prices it also affects the financial system and macroeconomic performance.

Indicators for the eurozone are even worse.

What actually goes up?

But, again, these problems are self inflicted, and many emerging economies do have stronger macro and structural fundamentals, which will give them greater resilience when the Fed starts hiking rates.

This comparatively benign situation reflects Colombia s relatively favorable macroeconomic conditions.

For all of these problems we will need other macroeconomic and financial remedies.

Other macroeconomic policies of all kinds influence the current account balance.

Coastal countries tend to outperform landlocked countries. Countries with high levels of malaria tend to endure slower growth than countries with lower levels of malaria.

Coastal countries tend to outperform landlocked countries.

Health and economic performance are interrelated. Infant mortality, child mortality, and life expectancy all correlate with rising income.

Even Germany is performing better.

Average Annual Growth Rates (per cent per annum)

But this metric is very deceptive.

Indicators and correlations are easier to demonstrate.

They want high GDP growth, without worrying much about the macroeconomic consequences.

In other words, when financial markets believe a company is doing well, its fundamentals improve when markets change their mind, the actual fortunes of the company change with them. Moreover, changes in financial markets also have far reaching macroeconomic consequences.

Moreover, changes in financial markets also have far reaching macroeconomic consequences.

But other social indicators are unimpressive.

Indicators for manufacturing and services have improved moderately.

Now consider their economic performance.

Let me make a comparison directly between the United States of America and Vietnam.

You're doing worse. Frown.

Europe s Pointless Deficit Targets?

Greece has boosted those numbers recently.

Other indicators, however, paint a different picture.

(a) Under Indicators of achievement

(b) Under Indicators of achievement

Add new indicators of achievement as follows

His numbers at international tournament level are awesome.

And that hasn't changed at all.

When the second round effects hit the domestic sector in the course of 2009, a stimulus program will be needed.

India's Economic Performance 1868 2000

In fact, what we've found is that every single business outcome improves.

Why has Germany performed so badly?

Better unemployment figures will be required, no doubt.

India has recorded similar rates for the last decade.

But some indicators still have the Fed concerned.