The Organization for Economic Cooperation and Development (OECD) says the United States does not have a chance to hold its top spot in the world based on gross domestic product. China may pass America as early as 2016. Even worse, the GDPs of China, India and other developing nations may pass those of the G7 nations by 2030. These kinds of predictions are correct until they are not. India and China continue to have fragile growth engines, which ironically could be hurt by a slowdown in Japan and the West.
According to the OECD’s report, Looking to 2060: A Global Vision of Long-Term Growth:
The report forecasts global economic growth of 3 percent annually, with sharp differences between the emerging-market economies, which are expected to grow at a much faster pace, and the advanced countries, which will likely grow at slower and often declining rates.
But the OECD hedges its bets…
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