Vlada, from the Czech Republic (stockweb.blogspot.com), posted a great link.
Vlada looked at several international ETFs and calculated the PEG ratio (Price Earnings Ratio to Growth Ratio) based on a countries 2008 GDP growth and a countries P/E Ratio (the Economic PEG).
The countries with the highest 2008 GDP growth include China (9.3%), India (7.9%) and Russia (6.8%).
The countries with the lowest 2008 GDP growth include Italy (0.3%), the US (0.5%) and Canada (1.3%).
The countries with the lowest PE ratio are France and the U.K. (11) and Italy (11.1).
The countries with the lowest PEG ratios are China (1.6) and India (2.3).
The countries with the highest PEG ratios are Italy (37) and US (26.8)
While one could look at the Economic PEG on its own, I think one additional thing we can look into is the rate of GDP growth, or the direction of P/E ratios. At some point, will China and India growth slow? And will Italy and US Growth start to increase?