Friday, January 22nd, 2010
Everyone should read Hamish McRae”s wonderful article in the Independent about projected economic growth over the next twenty years. called: “China is a hungry teenager eating up resources- and we can’t stop it.”
The US is still a massive world economic power that dwarfs the current second biggest ecomony: ($14 trillion GDP as opposed to just over $5 trillion). But twenty years’ hence, China soars to $26.5 trillion and the US lags at nearly $23 trillion. But what is equally astonishing is the third largest economy is India at $7.5 trilion (ie larger than China now) and Brazil is fifth at $4.25 trillion. This is a new economic order. The graph makes this clear.
And, incidently, the data comes from the IMF and another organisation in the news: Goldman Sachs. Amongst all the hooha about Goldman Sachs one little fact never gets any acknolwedgement :
“A hallmark of the Goldman Sachs culture is its commitment to the development of its people.”
Goldman Sachs has always been amongst the great investors in staff learning and it seems to be paying off!