Sunday, December 10, 2006

2030: China, India to dominate world economy

West must prepare for Chinese, Indian dominance: Wolfensohn

Full Article Sun Nov 26, 3:39 AM ET

SYDNEY (AFP) - Western nations must prepare for a future dominated by China and India, whose rapid economic rise will soon fundamentally alter the balance of power, former World Bank chief James Wolfensohn has warned.

Within 25 years, the combined gross domestic products of China and India would exceed those of the Group of Seven wealthy nations, he said. "This is not a trivial advance, this is a monumental advance."

Wolfensohn said that somewhere between 2030 and 2040, China would become the largest economy in the world, leaving the United States behind.