Why India Will Displace China as Global Growth Engine
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Dec. 17 (Bloomberg) -- Most of us still look at China, theworld’s second-largest economy, as the undisputed leader amongmajor developing countries. In the long run, however, I’mbetting on India to emerge as the more significant globaleconomy.
Those who are dazzled by China often forget that much ofthe rapid growth before 2008 was caused by the shift of globalmanufacturing from Europe and the U.S., not by domestic-orientedactivity. China’s economy remains export-driven, with consumersaccounting for only 38 percent of gross domestic product, farbelow the levels of many developing and developed countries.