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Sunday, October 22, 2006
I recently wrote about the discernible shift - where Asia Now chinese companies are on the prowl and India inc is stepping up overseas acquisition – the globalization effect is in full swing. Courtesy of Rajesh saw this note on Asia, which brings out the fact that in the the past five years America has accounted for only 13% of global real GDP growth, using purchasing-power parity (PPP) weights.The real driver of the world economy has been Asia, which has accounted for over half of the world's growth since 2001. Even in current dollar terms, rather than PPP, Asia's 21% contribution to the increase in world GDP exceeded America's 19%. But current dollar figures understate Asia's weight in the world, because in China and other poor countries things like housing and domestic services are much cheaper than in rich countries, so a dollar of spending buys a lot more.
Category :India, Emerging Trends |
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