P-63 West must prepare for Chinese, Indian dominance

West must prepare for Chinese, Indian dominance
SYDNEY (AFP) - Western nations must prepare for a future dominated by China and India, whose rapid economic rise will soon fundamentally alter the balance of power, former World Bank chief James Wolfensohn has warned..... Wealthy countries were failing to understand the impact of the invevitable growth of the two Asian powerhouses, Wolfensohn said in the 2006 Wallace Wurth Memorial Lecture at the University of New South Wales at the weekend.

Within 25 years, the combined gross domestic products of China and India would exceed those of the Group of Seven wealthy nations, he said.

"This is not a trivial advance, this is a monumental advance."

Wolfensohn said that somewhere between 2030 and 2040, China would become the largest economy in the world, leaving the United States behind.

By 2050, China's current two trillion US dollar
GDP was set to balloon to 48.6 trillion, while that of India, whose economy weighs in at under a trillion dollars, would hit 27 trillion, he said, citing projections by investment bank Goldman Sachs.