India has been ranked second among 22
emerging Asian economies as the country most likely to maintain steady
and rapid growth over the next five years.
China led the Bloomberg Economic Momentum Index for Developing Asia.
The index suggests that China and India's economic surge is durable and
will probably continue to drive global growth as the United States,
Europe and Japan lag behind.
The report suggests that the Gross Domestic Product in China, India and
third-placed Vietnam expanded at least 5.4 percent each quarter on
average throughout 2008 and 2009, while the US, the eurozone and Japan
fell into recession, The China Daily reports.
"China has a proven track record, as they have maintained superior
growth for a long time," senior economist at Credit Agricole CIB in
Hong Kong Dariusz Kowalczyk said.
Professor at Northwestern University in Evanston, Illinois, Victor
Shih, said the loomberg index may overstate China's rank relative to
India and other countries, in part because its official figures
understate debt levels.
The index gives 10 percent weightings to each of the four categories:
the competitiveness of market structure, the quality of the labor
force, gross national savings as a percentage of GDP; and the growth of
high-technology exports.
Twelve areas have five percent weightings, including growth in GDP for
each person adjusted for the cost of living, growth in world share of
GDP, stability of inflation rates, diversity of top trading partners,
external and public debt burdens, lending costs, net foreign direct
investment and deforestation. (ANI)
