ECONOMIES IN CHINA, INDIA RECOVERING FASTER THAN THOSE IN WESTERN NATIONS
Frank Ahrens
Frank Ahrens
The Washington Post, January 22, 2010
The giant and emerging economies of China and India appear to be lurching toward recovery faster than their more developed Western counterparts, including the United States, although the recovery is not without potential pitfalls.
Beijing said Thursday that China's fourth-quarter gross domestic product (GDP) shot up a breathtaking 10.7 percent, well surpassing expectations and marking its fastest quarter of growth since 2007.
In India on Thursday, government officials said that fourth-quarter GDP is expected to decline slightly from the previous quarter but that even with the pullback, the nation's GDP will expand by at least 6 percent, which is more than twice what is expected in the United States. That follows a forecast Wednesday from the World Bank that India's economy will grow at a 7.5 percent clip this year and China's at a 9 percent rate.
By comparison, World Bank forecasters expect the recession-weary U.S. economy to grow only 2.5 percent this year, but that more than doubles expectations for stagnant Europe, where growth might have trouble surpassing 1 percent. The United States and Europe are struggling with the long-term prospect of 10 percent unemployment and rising deficits and national debts.
The giant and emerging economies of China and India appear to be lurching toward recovery faster than their more developed Western counterparts, including the United States, although the recovery is not without potential pitfalls.
Beijing said Thursday that China's fourth-quarter gross domestic product (GDP) shot up a breathtaking 10.7 percent, well surpassing expectations and marking its fastest quarter of growth since 2007.
In India on Thursday, government officials said that fourth-quarter GDP is expected to decline slightly from the previous quarter but that even with the pullback, the nation's GDP will expand by at least 6 percent, which is more than twice what is expected in the United States. That follows a forecast Wednesday from the World Bank that India's economy will grow at a 7.5 percent clip this year and China's at a 9 percent rate.
By comparison, World Bank forecasters expect the recession-weary U.S. economy to grow only 2.5 percent this year, but that more than doubles expectations for stagnant Europe, where growth might have trouble surpassing 1 percent. The United States and Europe are struggling with the long-term prospect of 10 percent unemployment and rising deficits and national debts.
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