Monday, March 11, 2013

China creates a Greece in 12.5 weeks - we Europeans just don't get it

I have real difficulty conveying to clients and friends the enormity of the global shift in economic importance between the BRIC and Europe countries. The numbers tell the story but it is the difference in the level of energy, excitement and ambition that exists in these countries compared to the dull indifference and depression of so much of Europe that is so hard to convey.

Just get your head around this fact

“China creates a Greece in 12.5 weeks. Since 2010 China has created an India”

These comments come from Jim O’Neill, the Goldman Sachs economist who invented the Bric acronym and who was speaking at the Ambrosetti finance forum. He went on to say: “Most people still do not understand the scale of China and the speed it is moving. Its GDP is now about $8.2tn, half the size of the US. China growing at 8 per cent a year is equivalent to the US growing at 4 per cent.”

And don't forget that within a decade, China will be fastest ageing country on the planet.

We living in very interesting times. Dick Stroud

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