Consultancy firm, PricewaterhouseCoopers, announced on Friday that within the next five years it expects emerging economies (led by China and India) to have a higher proportion of global output than western economies. A global recession will trigger a dramatic shift in the economic balance of power to the emerging world that could see the west lose the dominance it has enjoyed since the dawning of the industrial age. While the US would remain the world's biggest economy, China would overtake the eurozone and become the second largest. Between them the four so-called Brics (Brazil, Russia, India and China) would alone account for 26.5% of global GDP.Sunday, November 2, 2008
Emerging economies to be the biggest players
Consultancy firm, PricewaterhouseCoopers, announced on Friday that within the next five years it expects emerging economies (led by China and India) to have a higher proportion of global output than western economies. A global recession will trigger a dramatic shift in the economic balance of power to the emerging world that could see the west lose the dominance it has enjoyed since the dawning of the industrial age. While the US would remain the world's biggest economy, China would overtake the eurozone and become the second largest. Between them the four so-called Brics (Brazil, Russia, India and China) would alone account for 26.5% of global GDP.
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