Asia powers ahead
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Asia provides one of the few bright spots in a largely gloomy world economy—although it is a pretty big bright spot.
While Britain talks austerity, the eurozone shows signs of crumbling and America is obsessed with the BP oil spill, Asia is powering ahead. According to Anoop Singh, the director of the Asia and Pacific department of the International Monetary Fund, Asia looks set to grow by 50% in the next five years (in purchasing power parity terms). By 2030 its GDP should be larger than all the Group of Seven industrialised countries combined.
If this sounds far-fetched Singh suggests looking at recent trends:
“emerging Asia’s share of world trade has doubled and of world GDP tripled in just the past two decades”.
For anyone concerned about the welfare of the world economy this is excellent news. For those preoccupied with Britain retaining its crumbling influence in the world it is a nightmare.
