India...turning a new leaf

Emerging economies (which includes primarily India and China along with Brazil, Mexico) today contributes to half of the world economy. The exports of these countries have jumped upto 43% last year compared to mere 20% in 1970. Also, in the last 5 years, the average growth rate of emerging economies has been 7% per year whereas that of the developed economies (US, Europe and Japan being the major players) has been mere 2.3% per year. For the next five years, the economists predict that the emerging economies will continue to grow at an average annual rate of 6.8% where as the developed economies will grow at 2.7% per year.

Well it was indeed refreshing to read the article in The Economist talking about the emerging economies and how history is about to repeat itself. In late 19th century, China contributed towards the 80% of the world GDP. Then came the industrial revolution in Europe and America and the tables turned.

It was indeed nice to read something positive after a long time.