The sign of things to come ..and soon
China's economy is likely to overtake the euro zone's this year, India is leapfrogging Japan and by 2030 the Asian pair will be bigger than the United States, euro area and Japan combined, the OECD said on Friday.
In a crystal-ball exercise to tease out long-term trends in the global economy, the Organisation for Economic Cooperation and Development said the combined gross domestic product of China and India was likely to exceed that of all the current Group of Seven rich economies by around 2025.
Nevertheless, it is said the extent of the expected shift in economic power away from developed countries was striking.
Measured in 2005 PPPs, China and India will account for 28 per cent and 11 per cent respectively of the output of 42 major economies by 2030, compared with 18 per cent for the United States, 12 per cent for the euro zone and 4 per cent for Japan.
Until 2020, China will have the highest growth rate among the countries studied, but it will then be surpassed by India and Indonesia as its working-age population rapidly declines.
demographics indicate inevitabilities.
it will be interesting to see how the world plays out financially, but i do worry about the conflicts that can arise from such shifts in economic powers in the future.
So it won't be long before the countries that have been receiving financial aid from the west, start giving financial aid to the west then.
China & India to be bigger than US, eurozone & Japan combined by 2030: OECD (the Organisation for Economic Cooperation and Development)
http://economictimes.indiatimes.com/news/economy/indicators/china-india-to-be-bigger-than-us-eurozone-japan-combined-by-2030-oecd/articleshow/17156627.cms
Source pls ???
the china man dominates the world!
drsam you are right. 25 % of Chinese exports reach EU, EU slows down, China slows down.
The simple truth is that all this Indians one sees wandering around the souk and the corniche at the moment might not want to be here getting closer to 2030
economic forcasts always make me laugh.
- most of china's manufacturing is for export toward the usa/europe. if these are in difficulty, china will be.
- by then wages will be higher, costs of chinese/indian goods will be higher too, and competitivity will re-shift industries to their home countries or to other cheaper ones.
i do agree only with the last paragraph: by 2016, china's work force will reach it's peak, and start to decrease, with more and more chinese retiring, while less and less will be of working age.
The power of technology is provided by down to earth Indians
The power and technology will still be with the USA
QDC, Don't know abt Indians getting paid more, but NWO is around the corner, considering Economic Meltdown in USofA...
Does that mean Indians will get paid more in the GCC than the French now?