In these same columns, few days ago, I had stated that India will be the fastest growing economy by the year 2015.
Really, I do not know – whether I have to retract my earlier statement, in view of remarkable performance (GDP) of ‘competing’ Chinese economy in the second quarter (2010) valuing at US $ 1.33 trillion ( compared to $ 1.28 trillion in Japanese economy). As per article in the New York Times, “Experts say unseating Japan — and in recent years passing Germany, France and Great Britain — underscores China’s growing clout and bolsters forecasts that China will pass the United States as the world’s biggest economy as early as 2030”. The Gross Domestic Product of United States was $14 trillion in the year 2009 and that is not too far away for China.
Both India and China put together contributed to more than half of the global income between the 15th to 18th century. With United States of America becoming independent in the year 1776, it dominated the sea routes and airspace. United States grew very well while India remained only a British colony till the year 1947. China adopted ‘Protectionist’ communism and export-centred economy in the later years. During these years, United States adopted ruthless capitalism, ‘free enterprise’ and converted itself as the ‘preferred’ destination for seekers of liberty and opportunity – The American dream.
Now, Again, China and India are gaining world attention as they occupy the centre-stage in the world economy since only they can engage in world recovery from recession.
Will it turn a complete cycle with USA/ Europe still not getting out of recession?