China's economy to overtake US in next four years, says OECD- Developing world to lead by 2060..

[General Duke]

China's economy will be biggest in world by end of 2016, says leading international thinktank

 

• Developing world to eclipse west as balance of power shifts

 

Workers assemble LEDs in a factory in China's Sichuan province. Photograph: AP

 

China will overtake the US in the next four years to become the largest economy in the world, says a leading international thinktank.

 

The Paris-based Organisation for Economic Co-operation and Development (OECD) said China's economy will be larger than the combined economies of the eurozone countries by the end of this year, and will overtake the US by the end of 2016.

 

Global GDP will grow by 3% a year over the next 50 years, it says, but there will be large variations between countries and regions. By 2025, it says the combined GDP of China and India will be bigger than that of France, Germany, Italy, Japan, UK, US and Canada put together. Asa Johansson, senior economist at the OECD, said: "It is quite a shift in the balance of economic power we are going to see in the future."

 

Inequalities will persist, even though people in the poorest countries will see their income more than quadruple by 2060, with those in China and India seeing a more than a seven-fold increase. By 2060, the OECD says living standards in the emerging countries will still only be 25%-60% of the level enjoyed by those in the US.

 

Global imbalances, which created the conditions for the crash of 2007, will continue to widen and reach pre-crisis levels by 2030, it said. In the short term, this is largely a cyclical effect of the financial crisis. So the US, which had a large budget deficit before the crisis, experienced a sharper downturn than China, which had a budget surplus.

 

The OECD warned that rising imbalances could undermine growth. But, it said, if countries undertook more ambitious reforms with regards to labour and production, they could be reduced. Johansson said these could address how easy it was to hire and fire employees, or regulations around starting up a business and restrictions over foreign business investment.

[General Duke]

Developing economies to eclipse west by 2060, OECD forecasts

 

Dramatic shift in balance of economic power over next five decades analysed in new OECD model

 

http://www.guardian.co.uk/global-development/datablog/2012/nov/09/developing-economies-overtake-west-2050-oecd-forecasts

[General Duke]

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[Haatu]

We will dwarf the Chinese one day. If little, barren Japan could do it, why can't we?

[General Duke]

Apophis;887804 wrote:

Where's Chimera so he can tell us how Somalia's economy will dwarf that of China through banana exports alone

[Nin-Yaaban]

Man they keep revising those numbers down yr after yr. I remember some guy on TV saying the U.S didnt' had to worry about China overtaking them until at least 2025. But now it's 'Four Yrs from now'? China has already overtaken the U.S in a lot of things. According to Wikipedia/CIA facbook/BBC thingy/google search, China is already:

 

1. World's biggest Exporter

2. World's biggest Cellphone/Mobile phone Users (1 billion +)

3. Has the largest Internet Users (513 million)

4. Biggest motor vehicle manufacturing in the world....

 

And those are just some of the the list's that i was able to find on the Internet. And for Haatu, if you think Somalia could overtake China, well than bro, I just hope that happens in my lifetime. I hope to see Somalia beating the USA, Europe, Japan, China and the rest of the world to become 'Wadanka Aduunka ugu fiican'.

[Somali philosopher]

i think i will settle for my people not starving, my oceans not being used as dumping grounds for nuclear waste, having functional army instead of foreigners and my people not being mistreated as refugees around the world. i will settle for that FOR NOW

[Xaaji Xunjuf]

There is a trade boom between the EU and china it has increased the past few years China is now the EU second largest trading partner soon it will by pass the United states. China is a power to be reckoned with its just matter of time till it dominates the worlds economy.

 

Loool@ Apophis

[Dhagax-Tuur]

Does it show that the future belong to folks who are starting to consume now and the future compared to those who have been there and done it!

 

Of course, with a caveat that the developing world folk work very hard on their governance, tackle corruption, tap into their people's potential otherwise, they will be game.

 

Remember, no one gives up the crown easily, and the West won't do it easily.

[Che -Guevara]

China's economy is rife with alot of problems which if not managed well cab spell disaster and not just for them.

[DoctorKenney]

Well considering that China has a population 4 times larger than the USA, then this isn't surprising. And the Chinese having the largest economy doesn't mean they will be the most powerful nation either.

 

China also had the largest world economy in the 1800's, when the British were subduing them in the Opium Wars....

[Mario B]

There' s hope for us. China will soon be an economic superpower and by default a military power even though they haven't invented a thing of worth for the past 2000 years. Ironically, the west conquered the world using Chinese inventions of printing, compass and gun powder. The west can cry foul all it wants when it comes to theft of 'intellectual property', but they should remember how it feels when shoe is in the other foot.

 

So what did i mean by when I said there is hope for us ? it means we don't have invent for now but instead utilise the knowledge and technology that is out there to get our house in order. We need desalination,waste treatment and finding means of collecting rain water in order to solve our water problem. If Germany with its few months of sun can produce electricity that is equal to running 24 nuclear reactors, then through solar energy and technology, we should meet most of our energy demands. No more burning of mango trees for charcoal

[DoctorKenney]

Mario B;887885 wrote:

There' s hope for us. China will soon be an economic superpower and by default a military power even though they haven't invented a thing of worth for the past 2000 years. Ironically, the west conquered the world using Chinese inventions of printing, compass and gun powder. The west can cry foul all it wants when it comes to theft of 'intellectual property', but they should remember how it feels when shoe is in the other foot.

 

So what did i mean by when I said there is hope for us ? it means we don't have invent for now but instead utilise the knowledge and technology that is out there to get our house in order. We need desalination,waste treatment and finding means of collecting rain water in order to solve our water problem. If Germany with its few months of sun can produce electricity that is equal to running 24 nuclear reactors, then through solar energy and technology, we should meet most of our energy demands. No more burning of mango trees for charcoal

Let's start with building a Somali Government that controls it's own territory. Everything else comes secondary.

 

If by the day I die, Somalia is a nation with a competent Government which controls it's own borders, provides basic services along with stability, then I will be a very happy man

 

I'll let my grandchildren worry about creating a Somali Space Program and other technological feats . Let's start with the basics first

[Mario B]

DoctorKenney;887887 wrote:

Let's start with building a Somali Government that controls it's own territory. Everything else comes secondary.

 

If by the day I die, Somalia is a nation with a competent Government which controls it's own borders, provides basic services along with stability, then I will be a very happy man

 

I'll let my grandchildren worry about creating a Somali Space Program and other technological feats

. Let's start with the basics first

Lol, that was my Chimera moment! In the meantime, you're right lets educate these unruly geeljires and show them the benefit of good governance and promotion of common good.

[Chimera]

The real pity would be for Somalis to end up the only African group to miss out on China's boom because of our petty issues, we already lost a decade of massive growth we could have enjoyed riding the Chinese wave. We have everything they need, and they have the technical skills to enable Somalia to leapfrog development wise.

 

 

Apophis;887804 wrote:

Where's Chimera so he can tell us how Somalia's economy will dwarf that of China through banana exports alone

Chimera has a life, high time you got yourself one instead of plagiarising NGONGE's banana jokes in a bid to soften whatever scar I left behind in that mind of yours. I bet you would have us change that national Somali staple for that Ugali crap.