Monday, March 17, 2008

China galloping onwards to third position

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China, China galloping onwards to third positionwhich is always being compared with India on every parameter, will now soon be the world’s third-largest economy. According to the country’s National Bureau of Statistics, the Dragon has been snorting fire like never before and its growth rate in 2006 went up from 10.7% to 11.1%. Now, it is all set to overtake Germany, which is currently in the third position (the US is, of course, numero uno, and Japan is at number two), with its total output being estimated at $2.705 trillion (21.1 trillion yuan), and its foreign reserves touching a new high of $1.33 trillion. And it’s not just the Dragon that has been growing at breakneck speed. Singapore too is witnessing a similar boom. According to Singapore’s trade ministry, GDP grew an annualised 12.8% in the quarter ended June 2006, exceeding all expectations! A lot of the growth is being attributed to the real estate sector.

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Source :
IIPM Editorial, 2008

IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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