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Who’s afraid of the big bad economic boom?

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The global recovery needs to call its agent.

An economic rebound as brawny as the one projected this year ought to be a cause for celebration. It’s a relief that gross domestic product will enjoy its biggest spurt in years — perhaps even decades — following the biggest drop since the 1930s.

Instead, the almost daily upgrades to growth forecasts are met with handwringing about how everyone is too dependent on the U.S. and China — and the prospects for a significant jump in inflation. Naysayers sometimes sound like they’d prefer a subdued expansion.

The revival is likely to be very impressive. On Tuesday, the International Monetary Fund raised its forecast for the world expansion to 6%. That followed a mark-up last month by the Organization for Economic Cooperation and Development. Bloomberg Economics sees a stunning 6.9% advance, the most in 60 years. Many of these bullish scenarios are based on a burst in the U.S. that recalls the halcyon days of the mid-Reagan era and Chinese numbers that resemble the boom in the decade following Beijing’s entry to the World Trade Organization.

Is it a problem that the world’s two major economic powers are hitting it out of the park? You might think so,........

© The Japan Times

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