THE NEW ECONOMIC EPICENTER
Bernardo M. Villegas
Manila Bulletin, June 20, 2010
That Asia is the new economic epicenter has already become a cliché. Dynamic growth is without doubt shifting from the Atlantic to the Pacific. This transition can be attributed mainly to the two economic superpowers of Asia, China and India. A number of economists project that China will surpass the US, and India will become the third largest economy in the next few decades. Goldman Sachs' Jim O'Neill, who coined the acronym BRIC (Brazil, Russia, India and China), is forecasting that China is likely to overtake the US by 2027, while PriceWaterhouseCoopers projected that this could happen as early as 2020. Nobel Prize winning economist Robert Fogel surmises that the Chinese GDP could reach $123 trillion in 2040. The main driving force for this extraordinary growth will be the increased productivity of the 700 million rural Chinese who will be the main beneficiaries of the enormous investments that the Chinese Government is making in education.
The Great Recession could have been providential for Asia. It is entering the new decade 2010-2019 amid great optimism. Many Asian economies, led by China, are expected to catch up fast with their more advanced colleagues from the OECD countries. China will surely overtake Japan as the world's second largest economy sometime this year 2010. With a strong rebound in its exports, China has already overtaken Germany as the world's largest exporter. It has also ended the US supremacy in the global automotive market. All these have happened at the dawn of the new decade, as the Great Recession struck at full force.
(...) [artículo aquí]
Bernardo M. Villegas
Manila Bulletin, June 20, 2010
That Asia is the new economic epicenter has already become a cliché. Dynamic growth is without doubt shifting from the Atlantic to the Pacific. This transition can be attributed mainly to the two economic superpowers of Asia, China and India. A number of economists project that China will surpass the US, and India will become the third largest economy in the next few decades. Goldman Sachs' Jim O'Neill, who coined the acronym BRIC (Brazil, Russia, India and China), is forecasting that China is likely to overtake the US by 2027, while PriceWaterhouseCoopers projected that this could happen as early as 2020. Nobel Prize winning economist Robert Fogel surmises that the Chinese GDP could reach $123 trillion in 2040. The main driving force for this extraordinary growth will be the increased productivity of the 700 million rural Chinese who will be the main beneficiaries of the enormous investments that the Chinese Government is making in education.
The Great Recession could have been providential for Asia. It is entering the new decade 2010-2019 amid great optimism. Many Asian economies, led by China, are expected to catch up fast with their more advanced colleagues from the OECD countries. China will surely overtake Japan as the world's second largest economy sometime this year 2010. With a strong rebound in its exports, China has already overtaken Germany as the world's largest exporter. It has also ended the US supremacy in the global automotive market. All these have happened at the dawn of the new decade, as the Great Recession struck at full force.
(...) [artículo aquí]
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