Skip to comments.US Will Be the World's Third Largest Economy: Citi
Posted on 02/25/2011 9:07:25 AM PST by NRG1973
The world is going to become richer and richer as developing economies play catch up over the coming years, according to Willem Buiter, chief economist at Citigroup.
"We expect strong growth in the world economy until 2050, with average real GDP growth rates of 4.6 percent per annum until 2030 and 3.8 percent per annum between 2030 and 2050," Buiter wrote in a market research.
"As a result, world GDP should rise in real PPP-adjusted terms from $72 trillion in 2010 to $380 trillion dollars in 2050," he wrote.
As the world watches oil prices rise sharply amid unrest in the Middle East, Buiter's analysis of the world's long-term prospects offer some hope that better times are ahead but if he is right power will shift from the West to the East very quickly.
(Excerpt) Read more at cnbc.com ...
China and India have no lawsuits against businesses.
China and India both have no wages, so the cost of labor is near slavery levels.
So they are making their bones on the backs of modern day slavery wages.
Hilarous is that Russia and the Former Soviet zone will become a larger economic unit than the EU is right now.
Unless Obam is stopped we will be rafting to Haiti.
I hope this isn’t one of those guys who predicted that Brazil would be the next big thing back in the 70’s.
They also have no means to fight back against their governments.
rafting has been considered to be a hazard to fish, therefore it is now banned, swimming has also been proven to harm the algae in the worlds oceans, also banned.
On the bright side, all Democratic officials and their families can now board the blacked out transport to move to their new assigned living cities, away from the chaos that our plans have initiated.
Once things settle down and the sanitation crews clean up the mess, we can live free in our country comrades.
Have a happy sort of day, third and falling......
Actually, we’ll be rowing hard. The currents run the other way.
I know it was a joke
/I’ve personally watched Coast Guardsmen strike refugee Cuban women and children with water cannon. The refugees drifted towards Florida at the wrong time of day on a log raft.
//Don’t take the CG’s side. My wife is a Cuban refugee from Communism. She arrived on a plane and spent six years and $15,000 in legal fees to get what Mexicans want for free.
This idiot completely discounts the extreme probability of resource wars (energy, food, water) over the next few decades.
Have no FEAR, Obama is here.
Predicting 19-39 years into the future using current trends is a waste of money unless you have a guy like Hari Seldon on your team. And even Hari Seldon failed to predict the Mule. I wonder who paid for this study.
Good one, screamingsunshing - - the new definition of 'hitting bottom'...
He selects Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, the Philippines, Sri Lanka and Vietnam as "Global Growth Generators". Well, good luck with that.
If a country can't produce enough food, fresh water, and energy for domestic consumption, they are going to be screwed. From this list, that leaves Indonesia, Iraq, and Nigeria. Nigeria is a kleptocracy with a large, violent moslem population. Scratch them. Indonesia and Iraq are fragmented, moslem dominated countries. What moslem dominated country has ever been a "growth generator"?
The only thing I can think of is that this guy is trying to drum up business for some "emerging markets" mutual fund. Caveat emptor.
When I went to high school in the early 70's, the big meme was that Africa was going to be the next big thing. PBS was pushing the concept for everything it was worth. They thought that most of the post-colonial African countries would all elect their local equivalent of Adlai Stevenson and proudly take their place in the "world community."
Look how that worked out.
But still, I hope Citibank's senior management and big shareholders aren't upset by this. They, along with all the other members of the elites, have been telling us for years that America is going to have to get used to a new world order in which it isn't sitting at the head of the table any more. If they're unhappy about this outcome becoming reality, it seems a bit illogical to me.
But hey, we're talking about liberals here. What am I talking about.
This guy is dead wrong. No, nothing is forever, even US economic dominance (especially with our debts). However, China is almost entirely dependent on exports - who will buy when the US, Japanese and European economies are in the toilet and will remain so for several more years? China literally has empty cities, built “on spec” if you will, because some bureaucrat just had to do something with a bunch of money in his budget. They are overleveraged to the hilt, and a large part of their foreign reserves are in rapidly-depreciating US dollars.
India? Let’s see what happens to their economy when they have a nuclear exchange with Pok-ih-stahn. Not that I wish it on anyone, but that’s almost as inevitable as another Mideast war.
Too many people, including supposedly genius-level economists and financiers, take existing trends and extrapolate them into the distant future, with no actual thinking going into the process. GIGO - trees don’t grow to the sky, and right now neither of those countries has anywhere near the average level of education to challenge us for dominance - as bad as our publik screwel system is. All we have to do is get our heads out of our rear ends on economic policy for 10 years or so, and talk like this will go the way of the 1980s predictions of Japan owning the world in 20 years.
Oh, there's an original idea. == snicker ==
I came to this country legally, because my own country is now run by the unions and public service (unions).
I may end my days here, but My dream was to come to the one country left that was By the People.
I fear the hell out of the union and dem’s rule.
Ideology, be it communist or islamic is one thing, power by a few to control and enslave the population.
The good thing is that the dem’s let the final shadow screens fall and can now be seen to be totally engrossed and in step with the communist doctrine.
The bad thing is they are Not going to let go of power now they are seen for what they are and desire, their total rule of this country, WITHOUT OPPOSITION IN ANY FORM.
We are in for the fight of our lives, literally, remember, logic does not overcome nor does reason convert those who seek to become your masters, anyone thinking they can reason or wait to vote on changing things in 2012 can keep on thinking that, right now, we have the takeover of public buildings, disruption of due process of laws, and the community at large being brainwashed by every channel they watch that this is the “right” way to do this to rid themselves of the ungodly opposition , us.
We as a nation, a free thinking people, are so deep in it right now my focus is on where the heck to try and get out of dodge.
No surprise at the speed we are sending them our factories and jobs.
Do not fret. Things happen slowly here. It takes a while but we get it right. Of course we may all go broke first.
Those who think we could cling to third place are irrepressible optimists. A more likely scenario would be the splintering of the United States into balkanized states, no longer responding to a central regime that grows increasingly unable to govern, reverting to fiats and edicts, a government no longer of laws, but of strong men - of which none are now in power in Washington.
Now individually, these then-balkanized states could prove to be some major economic powers in their own right, and once freed of the restrictions imposed by an otherwise unresponsive central government, could in the aggregate prove to be a much more powerful engine of economic progress than either China or India.
I begin to welcome the prospect of rendering the existing federal union called the “United States” into separate “red” and “blue” countries, the “red” country re-adopting the Declaration of Independence, the US Constitution, the adoption of English as the official common language, and establishment of minimum requirements to act as a citizen of that country. The “blue” country may adopt whatever the heck kind of cockamamie rules they want to impose on their hapless denizens, but they would be expressly prohibited from exporting those notions to the “red” country.
Start drilling and exploit our oil shale in the Dakotas and we become #1 again and stay that way for centuries.
I cant stress how important that ONE thing is to the USA.
Obama and his Rats are foreign and domestic enemies, no other logical way to assess today situation.
The thing about predictions is that they never come to be. There is always some fly in the ointment, some monkey in the wrench that screws everything up. I have a copy of “The book of Predictions” by the guys that wrote the “Peoples Almanac”. It was written in the seventies. Lots of predictions about aliens, underwater cities, gas at $20.00 per gallon, etc, etc. No one mentioned that a Hollywood Actor would become president, the emergence of AIDS, the wave of Islamic Terrorism, the collapse of the Soviet Union. The book had ‘psychics’ of course, but it also had ‘forecasters’. There is too much randomness in history to predict the future. Tomorrow, someone could invent a power source that uses water for fuel, and the course of human history would veer off in a whole different direction.
Don't even think about 'getting out of Dodge'. We can fight these guys - and we are... The world's running out of places to run to - might be time to take a stand.
Here’s what I predict. In the history books OF THE FUTURE everything bad that happened in this decade will be Bush’s fault. Everything good that happened will have been caused by Obama. I think this is a pretty safe bet.