India and China – – the two leading emerging economies – – are experiencing roughly 10 times the economic acceleration of Industrial Revolution, a top American official has said, noting that this is resulting in tectonic shifts in global commerce.
The Assistant Secretary of Commerce for International Trade, Michael Camunez said while Europe took two centuries to double its economic output per person, US took 50 years, India, having more than a billion populations – – achieved it in 16 years.
“The Industrial Revolution, hatched in the mid-1700s, took two centuries to gain full force — Britain, the revolution’s birthplace, required 150 years to double its economic output per person; in US locus of the revolution’s second stage, doubling GDP per capita took more than 50 years,” Camunez said in American National Standards Institute.
“A century later, when China and India industrialized, the two nations doubled their GDP per capita in 12 and 16 years, respectively,” he said.
Moreover, Britain and US began industrialization with population of about ten million, whereas China and India began their economic takeoffs with populations of roughly one billion (each), he said.
“Thus the two leading emerging economies are experiencing roughly ten times the economic acceleration of the Industrial Revolution, on 100 times the scale — resulting in an economic force that is over 1,000 times as big,” Camunez said.
Camunez said according to a recent report of McKinsey Global Institute by 2025, the consuming class will swell to 4.2 billion people. Consumption in emerging markets will account for USD 30 trillion — nearly half of the global total.”
Source – Agencies