I have remained an interested observer of Asian economy for since 1983 and back in 1983, the perception that I had about China and India were that they were poor countries with huge population. Hardly anyone could predict that time that India and China would grow so fast. Now, according to a report of Bank of Nova Scotia, the economies of China and India are slightly larger than US economy. Not that that G& countries (Canada, France, Germany, Italy, Japan, Britain and the United States) are losing their grip on the world economy as Asian countries led by China and India are having more share of the world wealth. So, let us see some of the things that India and China combined have more than USA.
1. Population: India+China>USA (Many times bigger)
2. Young population: India+China>USA (Many times bigger)
3. Economic growth: China+India>USA
4. Agricultural land: China+India>USA
5. Mobile Phone users: China+India>USA
6. Engineers and Tech workers: China+India>USA
7. Number of movies: China+India>USA
8. Size of middle class population: China+India>USA
The list can continue. What is interesting is that the economy of Asia (excluding Japan) is growing than that of G7 Countries. Thus, Asian countries are becoming more important producers and consumers at the same time in the world economic order. Until now, G7 countries could influence the world economy totally. The price of US dollar, US interest rate, change in the share market of G7 countries- these things meant a lot until now. However, the balance of power in world economy is shifting towards Asia. G7 are not great any more.
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8. Size of middle class population: China+India>USA
I am not exactly sure how you define middle class, by my standards, this is not fulfilled, though I have to agree to your other points.
Posted by: Mr Wurm | July 22, 2006 2:32 AM | Permalink to Comment