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« Will We Ever Recover from the Great Recession? | Main | Employee Attitudes in the Economic Recovery: Take This Job ... »

January 07, 2010

Comments

Michael Stanton

I agree with your article stating that China will be larger than the U.S. Economy in approximately 2018. Furthermore, I also agree with the German economist, Gabor Steingart, who states that in combination China and India will become Masters of the Universe.

In Steingart's book, "The War for Wealth: The True Story of Globalization, or Why the Flat World is Broken," (McGraw-Hill, 2008), he cites a prognosis by Goldman Sachs "projecting the present into the future, placing China ahead of the United States. Europe, once the engine of industrialization, falls back significantly, even behind India. Russia, with its abundant natural resources, reappears on the global stage."

Steingart has an accompanying bubble chart showing 2050 GDP projections and the following rankings:

China: $44.5 Trillion
U.S.: $35.2 Trillion
India: $27.8 Trillion
Western Europe: $18.8 Trillion
Japan: $6.7 Trillion
Russia: $5.9 Trillion

Food for thought? I, for one, think so.

Jack Roberts

Of course the economies China and India will eventually surpass that of the U.S.--they each have nearly four times as many people. If their per capita income were simply at the same level as Mexico's their GDP would be greater than ours.

Bill is right: What's important is our standard of living, not our ranking among world economies. When the U.S. economy surpassed Europe's, Europe got richer, it didn't get poorer.

I just hope China and India are learning from Japan's mistake and don't rely exclusively on export-led production but undertand the importance of opening their economies up so that their citizens are our customers just as our citizens are their customers. In that case, the whole world will be better off.

tesur

Is it true that Google might turn of in China?

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