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What is your first thought when you ask us about India and China? internet truckstop The extremely rapid growth. That is why this increase is due to the two countries? Talk about us Ejaz Ghani, World Bank consultant.
First, let's look at how China and India are major economies of the world! The Economist two assists this great figure. Determine the basis of one of the world's 2012 projected GDP growth of 37.4% of total 12.4% of China and India (By comparison, the U.S. contribution of 10.2%, and -2.1% in the Euro area) .
So both countries are very largely increasing. However, the growth potential of the two countries in the whole of something else arises: While China's growth in industrial production internet truckstop due, in the case of services in India are decisive. In 1991, the share of services in GPD of the world average was five percentage points higher than in India and six percentage points lower than in China. This is a great distance away from any approaching 2005: The difference világátlagtól in India grew a little more, China is even further reduced, it was eight percentage points lower than the world average.
Similarly, large differences can be seen in industrial production as well: In 1991, China for the industrial sector's share in GDP was 18 percentage points higher than the world average, while in India three percentage points lower; In 2005, China and the difference continues to increase, 19 percentage points, the Indian remains from the 1991 level.
What about productivity? Based on the above, we would expect that in China the industry's productivity is much greater than that of services, services in India and the productivity of the industry to exceed. Expectations are met as well. Ghani services in the event of high labor productivity can be caused by two things: the main reasons for low-income countries like India can be of low wages, economies of scale and knowledge-based buffer overflow (spillover). internet truckstop The high-income countries and the role of innovation is very important.
Ghani export our convergence studied in the two countries. In 1982, the share of services exports in total exports both India and China, the world average was similar. In 2006 it changed internet truckstop significantly: internet truckstop India has become a positive outlier, representing more than 21 percentage points of the world average, and exports of modern services has become one of the world vetetője. In contrast, China only services related to traditional industrial production (eg, transportation, logistics) could develop.
India's big opportunity lies in the globalization of services, a major problem is that this sector creates far fewer jobs than the industry. If India is able to solve this problem and millions of people to work, you might be able to grow even faster Kínánál. China must focus on the development of the service sector, internet truckstop as only this can help you avoid the "middle income trap", internet truckstop that reached the level of middle-income countries, rather than the stasis of the ability to continue to grow and reach the level of high-income countries.
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