Friday, November 9, 2012

The Guardian: Developing economies to eclipse west by 2060, OECD forecasts

Friday 9 November 2012 10.06 GMT

Dramatic shift in balance of economic power over next five decades analysed in new OECD model

Looking to 2060: A Global Vision of Long-Term Growth, from the OECD
ChinaIndia and the rest of the developing world will eclipse the west in a dramatic shift in the balance of economic power over the next 50 years, according to research by the Organisation for Economic Co-operation and Development (OECD).
The next five decades will see major changes in country shares in global output. The Paris-based thinktank's Looking to 2060: Long-Term Global Growth Prospects report uses a new economic model which forecasts that China will overtake the eurozone in 2012 and the US within the next four years to become the largest economy in the world. India is in the process of overtaking Japan and is forecast to pass the eurozone in about 20 years.

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