http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG
China may not be the economic world power for much longer. In 2016, India is expected to exceed china’s economic growth rate with a GPD growth of 7.7%. India will also help to bring about growth in South Asia as well. China is expected to grow with a 6.8% GDP in 2016. Many economies are expected to grow in 2016 due to stronger domestic consumption, investment, and exports. South Asia’s GPD is expected to grow 6.9 percent in 2016 which was a notable change from the expected growth in 2014. India’s economic growth is the probable cause of this and increased growth may also be in the future for Iran, Afghanistan, and Pakistan as well. When the largest economy (India) in a region of the world's largest group of poor people booms, the surrounding countries will benefit from from that growth.
China's growth rate may be lower than it has been in the past, but 6.8% GDP growth rate is still very good/high. The country’s growth rate was 9.5% in 2011, 7.8% in 2012, 7.7% in 2013, 7.3% in 2014, and 6.9% in 2015. China may not be the complete world power for much longer but its certain China's powerful economy is not going away. Although, regions like South Asia do have the potential to take upon the manufacturing capability of China due to China's rising labor costs.
I think a lot of it is because China has reached, or is definitely nearing its full growth potential, so to say an economic saturation point.
ReplyDeleteIndia, on the other hand, has in its past 67 years has been struggling with basic needs such as healthcare, education, employment and housing. The current government (elected in 2014) has stepped up work on these social programs, and has prioritized growth and development across spectrum, so the economy is able to grow better, which (as an India) is a delightful sight.
Good share!
I think India economy has very large potential to boost its GDP. Even though it is still facing other social problems, like environmental problems, healthcare problems or education problem, its advantages in the field of technology is apparent. The level of technology and the increasing population, which might become labor force in the future, can improve the productivity, increase the output, and contribute to the growth rate of GDP in the future.
ReplyDeleteHopefully India will be able to increase this output growth, as they still rank low in terms of GDP per capita. I would expect India's economy to continue growing, as they are just now beginning to truly invest heavily in capital, infrastructure, education and healthcare. Once they are completely up to date in these areas, India will likely be a dominant economy that rivals the likes of the US and China.
ReplyDeleteIt is great to see the growth of India. As you said, the growth of their economy will not only benefit them, but also other countries surrounding India. It will be interesting to see how this increase in GDP affects their high income inequality. Hopefully, with time, it will assist in boosting those in poverty into better situations. With their large labor force, it is completely likely that India will be able to rival huge economic forces like the U.S. and China.
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