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India drives Asia's growth

May 05, 2011 | COMMENTS ( 0 )

India drives Asia's growth

According to current projections in the Asian Development Bank (ADB) report release recently,  India and six other major economies in Asia will drive the region's growth, which, according to current projections, could account for more than half of the global gross domestic product by 2050, "Asia's rise will be led by the Peoples Republic of China, India, Indonesia, Japan, Republic of Korea, Malaysia, and Thailand," said the multilateral financial institution.

According to the report, India would grow to be a USD 40.4 trillion economy from the current USD 1.4 trillion in 2010.

India would be second in the region to China, which would by 2050 become a USD 62.9 trillion. China's economy was USD 5.7 trillion in 2010.

Also, India's share in the global gross domestic product would be 14 percent, while China's would be much larger at 22 percent, according to the ADB report.

India, however, would witness a faster rate of economic growth in the next 40 years compared to China as it still has a young population which will grow into a one billion strong work force by 2050, 25 percent more than China.

These seven economies, which in 2010 had a combined gross domestic product (GDP) of USD 14.2 trillion, or 87 percent of all Asian countries, will see their share rise further to 90 percent by 2050.

It also highlighted some of the challenges that countries like India face such as rising inequities and disparities within countries which "could alter the political and social fabric of the region."

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