Emerging economies have recovered faster from the crisis than developed countries and are set to become the main engine of growth for the world, leading economists and Chinese officials said in a panel addressing the outlook for the global economy.
Gerard Lyons, Chief Economist and Group Head, Global Research, Standard Chartered Bank, said that the recovery in global growth has been led by emerging economies. "It is a tale of two worlds," he said, pointing to stagnation in the West versus strong growth in the East.
This is not necessarily a disaster, noted Nariman Behravesh, Chief Economist, HIS. “Japan has showed us that sluggish growth doesn’t have to mean a deteriorating quality of life," he added.
"China’s government responded rapidly to the crisis of 2008, taking the lead in achieving economic recovery," said Ma Jiantang, Commissioner, National Bureau of Statistics of China. China’s GDP growth rate rose far more than expected, from 6.1% in early 2009 to 11.9% in 2010. Measures have since been taken to address rapid credit growth and fears of overheating. "I am not worried about the speed of the economic recovery," he added. "China is looking to achieving 10% growth in 2010, with CPI less than 3%."
Xia Bin, Director-General, Financial Research Institute, Development Research Center of the State Council (DRC), People’s Republic of China, stressed that growth expectations need to be moderately adjusted downwards to ensure growth is sustainable: "China cannot enjoy the same double-digit growth rates of 2003 to 2007."
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