Calculi's Politics Blog

Countries doubling their income

It took China only 12 years to double its GDP per person (in PPP) from $1300 to $2600. And China will need only 7 years to double it from the present level or $8400. And India is following, too, though not as quick as China, but much quicker than the developed countries.

… GDP per person in both China and India could double from 2011 levels by the end of this decade. People in the developed economies will have to wait another quarter century to see their incomes double.

Source: GDP per person: Double your income! | The Economist.

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Indian economy to run past US by 2050

Extract from IBT article :Indian economy to run past US by 2050; China will do so in 2018 – International Business Times.

“In many ways the renewed dominance by 2050 of China and India, with their much larger populations, is a return to the historical norm prior to the Industrial Revolution of the late 18th and 19th centuries that caused a shift in global economic power from Asia to Western Europe and the US – this temporary shift in power is now going into reverse,” said John Hawksworth, chief economist at PwC, said.

Now the World Economic Forum 2011 is going on in Davos, this news look more relevant. In terms of PPP (Purchasing Power Parity), these economies are going to overtake many western economies way too early. This can happen, only if the economic growth in these developing countries stay as it is and I’m very optimistic about it.

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