I wrote a blog with the above title in 2014, but it seems to have vanished into thin air.
No matter. Let me see if I can pen a few words on this topic today.
I believe India has huge potential, and it can be realised over the next four years quite rapidly.
Prime Minister Modiji will I trust have full support of the opposition as well as the bureaucracy in implementing his brilliant plans for creating a hundred new cities (3 with help of France, a few
with help from Germany). Japan has already offered Modiji 30 billion dollars finance/investment facilities, and those should be best used, perhaps for creating in addition upto three new nuclear power plants - those I think are needful to create the extra power generation capacity that India so badly needs. It is not a joking matter to hear of people dying in the heat due to lack of airconditioning and cooled water. Let us make this the century of India, and help develop everything possible, with co-operation and investments from everywhere. Mr Modiji is inviting people to 'Make in India' and this means people as well as outsourcing work to Indian workers and have them build their products as well. India can complement China as the foundary and factory of the world.
China has huge potential still for development at home, although over the last 35-40 years their development has been so rapid that people often comment that vast areas of China are developed to the nth degree, on par with the first world economies. Raising the living standards to meet the demands of such a huge population will certainly offer scope for development to cater for the needs of all. In that respect, there is a huge potential to satisfy consumer demand at home.
As soon as the commodities hit what can be seen as bottom, China will I guess restart their production, both for export and domestic use. Although rising all the time, the China wages are still competitive.
Brazil is a place that has seen the economy go down quite substantially. At one time, I noted that their President Dilma Roussef was backing the culture of entrepreneurship. With a country that produces so much, exports so much and is so popular, I imagine the high benchmark interest rate is the one factor that may be holding back the full potential transactions. So I would suggest that should look to reducing the benchmark rate.
The U.S. economic Recovery has been very impressive, and I imagine it can continue apace with their monetary policies. If the interest rate is not hiked at 16-17 September, it will mean joy for a lot of people.
Some of the European nations are just waiting to resume their golden trade with Iran, once the sanctions can be lifted. This is only a matter of days now.
With a reasonably stable Oil price, which gives the oil producing nations an income to continue with their development programmes at home, the whole world could trade and enough activity will be there to satisfy most people.
All people like to be busy and active, and so long as their is rain and sunshine and fertile lands, humanity cannot keep up pace with Nature, which blesses the whole world with prosperity. I believe
that, and I see huge potential in Africa and all other places.
The human mechanism of creating money, distributing it, etc, is the factor that can help facilitate trade and exchange of goods and services.
Big corporation and government organisations are sitting on a mound of $57 Trillion. Just the movement of such money can create many jobs, facilitate lot of trade, and bring happiness to many many people. I read in the Evening Standard that some fabled family has 700 Trillion dollars worth of assets. If that is true, there is enough in the world to continue with Recovery and lead to Prosperity.