"They are still holding the baton, moving forward," said Thomas Lam, chief economist at OSK-DMG in Singapore, referring to U.S. consumers.
"The idea of rebalancing and moving demand out of the key advanced economies -- particularly the U.S. --and having emerging markets like China and India take that role is a bit far-fetched at this juncture."
A lack of social safety nets and developed financial markets that would allow emerging-market households to cut precautionary savings and expand their spending undermines prospects for the rebalancing, according to Lam
, who correctly predicted the end of the 2007-2009 U.S. recession.
"It's not really a clear cut path for the U.S. consumer, because of the looming fiscal shock," he