Deutsche Bank tips India as growth leader
21 February 2005, BERLIN - India is set to outpace Chinese growth and become the world's third biggest economic power by 2020, a report by Germany's biggest bank said.
21 February 2005
BERLIN - India is set to outpace Chinese growth and become the world's third biggest economic power by 2020, a report by Germany's biggest bank said.
India's growth will average 5.5 percent in the next 15 years and this will give India the third largest economy in terms of GDP by 2020, after the United States and China, said the Deutsche Bank report cited in the Frankfurter Allgemeine newspaper.
Chinese growth will average 4.8 percent for the same period - about half of the current Chinese growth rate, said Deutsche Bank.
Beijing's one-child policy will play a major role in slowing Chinese growth, the report said.
Japan, which is currently the second world economic power after the US, will fall to fourth place by 2020, the report noted.
Economic growth in the US will continue to be strong and average 3.1 percent, while in Europe the top growth countries will be Ireland with 3.8 percent and Spain with 2.8 percent.
Spanish growth will be fuelled by the country's role as a bridge both to Latin America and North Africa, said the bank.
Germany, meanwhile, is set to continue slow growth and will average 1.5 percent economic expansion annually in the coming 15 years, said Deutsche Bank.
Subject: German news