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Asia Turning to be the Next Economic Power Centre

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Small Enterprise India Informatin Desk

Sources in the IMF say that the recent economic meltdown has catapulted the emergence of Asia as a global economic power centre with India and China leading the way.

According to IMF Director, Asia and Pacific Department, Anoop Singh, based on expected trends, within the next five years Asia's economy will grow about 50 per cent larger than it is today in terms of purchasing-power-parity.

He also pointed out that the Asian economy will account for more than a third of global output, and be comparable in size to the economies of the US and Europe.

Singh wrote in the issue of IMF's Finance and Development that by 2030, Asian gross domestic product will exceed that of the Group of Seven major industrial economies G-7.

“China and India are leading the way, but the phenomenon is by no means limited to these two countries”, added Singh. He also said that Asia's economic importance is unmistakable and palpable.

 

Source: Agencies.

 

Last Updated ( Monday, 05 July 2010 17:21 )  

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