China, India, key to global economic growth
The world’s top two countries for economic growth—China and India—will be the key to global economic recovery, according to an academic expert.
In an interview on the ABC’s AM program, Dr Hitendra Patel from Hult International Business School said the ‘global financial crisis’ was not as global as some first thought.
“Those countries which have been sound in economy fundamentally are countries like China, Brazil, India, Indonesia,” he noted. “And they have fundamental indicators and trends that support that these economies are on the way to moving forward. They got slowed down slightly but they are going to continue basically rushing forward.”
Patel says observing the stock markets of growth economies like Brazil, China and India will give an indication of investment trends. His advice is to “continue looking global and to see the world as one economy”.
The Organisation for Economic Cooperation and Development recently predicted that global growth will be 3.4 percent this year, up from an initial projection of 2.3 percent.
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