And so to China. While the rest of the world's economies are wallowing in self pity, the Dragon economy looks to be powering ahead.
The region's output grew by 9.5% in the three months to the end of June and, shockingly, such a level was below expectations. This, along with a huge rallying for commodities over the last few years, has had some interesting side effects. One in particular stands out.
As demand for metals soars from the likes of China, the price of tyres on mining trucks used to haul ore have rocketed. One tyre measuring 11 feet across used on Caterpillar trucks will now set you back $100,000. That's more than the price of a Porsche 911 at $91,450.
So, some of the so-called less developed regions are wondering what all the fuss is about. Them and the tyre makes who are presumably all riding around in Porsches.