Business News Blog Archives
Business News Blog posts insightful comments on the latest international news that render us taken-aback in the domain of the business facet of life. Business News Blog: Business-Week News Asia-Pacific Business Week - Week ending April 12, 2008: China Overtakes Japan: April 13, 2008
China has overtaken Japan to become the world's second largest economy. World Bank Development Indicators 2008 - Developing economies now produce 41% of world's output, up from 36% in 2000; China ranks as the second largest global economy The news was revealed on Friday in the World Bank's report on development indicators for 2008. The Washington-based development bank used a new formula, based on purchasing power parity, to measure economic activities within countries. Under this measure, it said China's gross national income was $6.1 trillion in 2006, compared with Japan's $4.2 trillion and the US's $13.2 trillion. According to the new data, China's 1.3 billion people had a per capita income of $4,660 in 2006. Led by China, the world's developing economies produced 41 per cent of the world's output in 2006, compared with 36 per cent in 2000. The publication said the combined output of the world's economies reached $59 trillion in 2006. Five of the world's 12 largest economies now come from the developing world. Aside from China, they include India, Brazil, South Africa and Russia. "When we measure economies on comparable global scale, the growing clout of developing countries comes into sharp relief,"said the bank's acting chief economist, Alan Gelb. "We live in a world of highly interdependent markets for goods, services, finance, labour and ideas." The publication said the East Asia and Pacific region had doubled its output and increased its share of the global output from 9 per cent in 2000 to 14 per cent in 2006. India and China dominated the growth in the East Asia and South Asia regions. The bank credited the "enormous increase" in the size of the global economy in the past decade to closer economic ties between countries. International trade is a critical channel for integration. Business News Blog Comment:
China and India hold almost half of the world's population. How can such a major chunk be ignored in any business week anywhere around the world? In fact, the two giants had been dozing off for the past few centuries, but recently they have woken up from their slumber and are ready now to jump into the very center of the action that the world economy is. The dragon has charged itself and the elephant has trumpeted loud. What if the two join hands and take the world in their stride!
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