By 2060, India and China are each projected to have economies larger than that of the US, and collectively 46% of world GDP, compared to 24% today. By contrast, the developed economies of Europe, North America and Japan will account for 42% of world GDP compared to 65% now. Despite this, GDP/person in China will be 59% of ours; in India just 27% of what it will be here.
Tag Archives: India
Food is Expensive
In poor countries people spend much more on food than we do. In the Philippines 47% of income is spent on food. The amount is 45% in India, 40% in Vietnam, 36% in Indonesia, 33% in Thailand, 30% in China, 22% in Singapore, 14% in S. Korea. Here it’s just 8%. Because it’s so high in poor countries, recent increases in food prices are reducing consumer spending and threatening GDP growth.