India is the new global growth pole; to hold lead over China: Harvard study

Workers linger around a crane as it loads wheat onto a ship at Mundhra Port in Gujarat in this file photo. REUTERS/Amit Dave

The economic pole of global growth has moved over the past few years from China to neighbouring India, where it is likely to stay over the coming decade, according to new growth projections presented by researchers at the Center for International Development at Harvard University (CID).

The study says that growth in emerging markets is predicted to continue to outpace that of advanced economies, though not uniformly. “The projections are optimistic about new growth hubs in East Africa and new segments of Southeast Asia, led by Indonesia and Vietnam. The growth projections are based on measures of each country’s economic complexity, which captures the diversity and sophistication of the productive capabilities embedded in its exports and the ease with which it could further diversify by expanding those capabilities,” the study said. Read more…