The NYT sheds light on where to invest in 'Meet the Laggards'

"But the focus on the globe's economic hotspots may be overshadowing some of the world's slower-growing, established economies that are the longtime trading partners of the United States. When macroeconomists talk about deficits in the context of today's global economy, they usually refer to America's twin deficits - the government budget deficit and the current account deficit. But economists say a third deficit, the so-called "growth deficit" in Europe and Japan, is having important effects on the United States economy."

The article bases its recommendation that Europe is currently a better place to invest on averaging growth rates across industrialized nations. However I would be more careful with it - Europe's stringent labor law and entrepreneurship in (relative) crisis can alter growth rates for decades to come. Company valuations (which are often lower in Europe than in the US) are another factor. But assuming the Japan, Europe growth crisis is just a small deviation from long-term growth is a bit too simple...