Interesting perspective on the American economic decline. To quote this statistic:
In his 2006 book "Überpower," German writer Josef Joffe makes the following back-of-the-envelope calculation: "Assume that the Chinese economy keeps growing indefinitely at a rate of seven percent, the average of the past decade (for which history knows of no example). . . . At that rate, China's GDP would double every decade, reaching parity with today's United States ($12 trillion) in thirty years. But the U.S. economy is not frozen into immobility. By then, the United States, growing at its long-term rate of 2.5 percent, would stand at $25 trillion."
Full text of the article here.
In his 2006 book "Überpower," German writer Josef Joffe makes the following back-of-the-envelope calculation: "Assume that the Chinese economy keeps growing indefinitely at a rate of seven percent, the average of the past decade (for which history knows of no example). . . . At that rate, China's GDP would double every decade, reaching parity with today's United States ($12 trillion) in thirty years. But the U.S. economy is not frozen into immobility. By then, the United States, growing at its long-term rate of 2.5 percent, would stand at $25 trillion."
Full text of the article here.
1 comment:
it was disappointing to see that Indian economy didnt find any mention in that article.. somehow i am too infatuated with India it seems :(
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