Obviously, there will be a lot of growth in China and India over the next ten years. The same is likely to be true of Latin America and Africa. In other words, all the young, emerging economies with young populations and plenty of resources and demands.
The Chinese leadership will, of course, elect and appoint as their Leader someone who will be trusted with providing a visionary leadership to continue the growing tradition of stable, friendly relations with the global community and maximising opportunities for growth at home and abroad by trade and co-operation. In other words, progressive continuation of policies developed under Chairman Mao and getting fuller expression under Premier Hu Jintao, who when visiting Washington to meet President Obama last year expressed the goal of bring a common prosperity to his people. Such a nation is blessed with such leadership, and this tradition will be extended into the future.
In India there is huge potential for growth, but the system seems quagmired with politics of old, where the development of the masses is being sacrificed for a narrow self-interest of the ruling class. With 1.2 billion people, this populous democracy needs to open up and provide opportunities to many more than the 200 million middle class people. The roads, power generation, industrialisation, irrigation, building of hospitals, schools, universities and expanded political institutions will be the way forward.
A helping hand towards further progress may be provided by the RBI cutting its interest rate, which at 8 percent has really acted as a constraint on development and indeed slowed down manufacturing so much already. Input costs of the two key macro driver (oil price and interest rate) when lowered will automatically translate into lower output effects, among them inflation.
Forty percent of the growth over the next ten years is going to come from these huge nations. Everyday, the decisions their leaders make affect the destinies and future of their people. Not only that, but growth in China and India adds to growth around the globe, and hopefully will add to the picture of a worldwide economic Recovery. For that I pray.