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08-30-2011, 11:18 PM #1
India may be 3rd largest economy a decade earlier!
Three weeks ago, The Economist noted a key transition in the global economy.
It pointed out that the emerging markets now account for a greater share of world gross domestic product (GDP) than the developed economies.
The magazine also pointed out that while the rich world's output was still below 2007 levels, the emerging economies had grown by 20 per cent since then. Its conclusion: "The rich world's woes have clearly hastened the shift of global economic power towards the emerging markets."
A useful reference point for confirming this is Goldman Sachs' Brics report of 2003, which postulated the then novel notion that the four Brics economies (Brazil, Russia, India and China) would become larger than the economies of the G6 by 2040.
Goldman also forecast that China would overtake the United States and become the world's largest economy by 2041.
Eight years ago, those projections were considered far-out. In 2011, they read like the cautious forecasts of someone who likes to hedge his bets....being a human...