FedEx Says `Tepid' U.S. Trails China, India as Shipping Revives - Bloomberg FedEx Corp., the world’s biggest cargo airline, said the U.S. economic recovery will lag behind countries such as China, India and Brazil that are leading a rebound in the express-shipping industry. China’s economy is expanding at an annual rate of 10 percent and Brazil is “like a rocket,” Chief Executive Officer Fred Smith said yesterday in a presentation to investors at FedEx headquarters in Memphis, Tennessee. The U.S. will remain “pretty tepid,” Chief Financial Officer Alan Graf said. The comments reflected the sluggishness of the U.S. economy after the deepest recession since World War II. The Commerce Department may say today that gross domestic product expanded at an annual rate of 1.6 percent in the second quarter, the median forecast of economists surveyed by Bloomberg.