The only country that didn't experience the blip was China. China relies on exports for it's economy and cheap exports at that. The iPhone is market level expensive, that does not add significantly to Chinese GDP. It makes sense those less expensive products would be in demand during a major recession. But, even with China's resilient growth it does not rival the USA GDP and it's recovery. As a matter of fact, China's lack of Middle Class has decreased it's growth.
A country can grow at the expense of other nations for so long. When that nation's economy starts to diminish because other nations are experiencing diminished capacity due to trade imbalance, it then has to realize the problem is it's impoverished state of the citizens. Domestic wealth (The Middle Class has wealth) and it's consumerism actually creates it's own vibrant growth and recovery.
Of the emerging nations affectionately referred to as BRIC, the one with most GDP per capita is Russia, but, Brazil is parallel in it's per capita GDP. With Russia running the risk of involving itself in expansionism and violent overthrow of post soviet nations there is a real possibility that Brazil will overtake Russia. I just don't see consent of Russian products on the market as being supported by consumerism.
Yellen on the American economy: "I think we'll see stronger growth this
year. Most of my colleagues on the Fed's policymaking committee and I
are hopeful that the first digit [of GDP growth] could be 3 rather than
2... The recovery has been frustratingly slow, but were making progress in getting people back to work, and I anticipate that inflation will move back toward our longer-run goal of 2 percent." On the housing market, which had a brief lull this fall: "I expect it to pick back up and I do expect a further recovery."
