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China, India and the World Economy

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  • Essay length: 12745 words
  • Submitted: 18/04/2010
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University Degree Management Studies

The first 200 words of this essay...

China, India and the World Economy

T.N. Srinivasan*

Introduction

Among countries with at least 10 million people in 2003, China and India have been growing very rapidly since 1980. The World Bank (2005, Table 4.1) reports that China's GDP grew the fastest at an average rate of 10.3% per year during 1980-90, while India's grew at 5.7%. Of the five countries that grew faster than India during this decade, none did so subsequently during 1990-2003. In the latter period, China's GDP again grew fastest at the rate of 9.6% on an average per year, while India and Malaysia, at 5.9% per year, were the third most rapidly growing countries, with Mozambique at 7.1% being the second. In 2003-04, India's GDP growth rate jumped to 8.5%, fueled by recovery from a severe drought in the pervious year. The estimated growth rate for 2004-05 is 7.5% and the projected rate for 2005-06 is 8.1% (CSO, 2006; RBI, 2006). China's GDP growth rates, based on revised data, were 10.1% and 9.9% respectively in 2004 and 2005 and the projected rate for 2006 is 9.2% (World Bank, 2006, Table 1). Thus both countries continue to grow rapidly.

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