Brazil's economy overtake UK's

[alfred russel]

Damn, look at India.  Those democracies sure do have an economic advantage.

That was the curious part for me too. Brazil passing UK was inevitable. India falling behind Russia after having overtaken them, while probably a momentary blip, is quite surprising.

The World Bank and the CIA disagree

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29

Tim, what is the point of your link?

[jimmy olsen]

Damn, look at India.  Those democracies sure do have an economic advantage.

That was the curious part for me too. Brazil passing UK was inevitable. India falling behind Russia after having overtaken them, while probably a momentary blip, is quite surprising.

The World Bank and the CIA disagree

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29

Tim, what is the point of your link?

The World Bank has India significantly ahead of Russia as well as Canada in GDP. The CIA also has India ahead of Russia.

In the IMF list the difference between India and Russia is negligible.

[Sheilbh]

They reformed their socialist economy ten years after the Chinese and they've had explosive growth since then.

Actually India's economy's slowed down a lot this last couple of years.  I'm not sure why, but it's worrying and, I think, under-reported.

[jimmy olsen]

They reformed their socialist economy ten years after the Chinese and they've had explosive growth since then.

Actually India's economy's slowed down a lot this last couple of years.  I'm not sure why, but it's worrying and, I think, under-reported.

From like 9% to 6% per anum, that's still quite good.

[Richard Hakluyt]

isnt britain being below france the past few years just down to recent exchange rate weirdness?

No.

I would agree with Tyr on this one. The GNP at PPP rates of the two countries are virtually the same at the moment (Britain is slightly ahead if anything). Meanwhile at market exchange rates France is ahead by 15% or so, but those are the figures of a year or so ago when the Euro was just above 1.1 to the £. A few years back it was 1.4 Euro to the £ and Britain flattered herself that her economy was ahead of France, but that apparent lead was overwhelmingly an exchange rate artefact.

[Sheilbh]

From like 9% to 6% per anum, that's still quite good.

On its own, perhaps.  Though I've always liked the bike analogy with India, that it needs to be moving pretty fast to stay stable.

But the aspects of that decline from 9-6% is still troubling.  The decline has been broad based and over the last 9 months or so has been almost as large as leading into February 2009.  I think a lot of it's due to the Central Bank aggressively targetting inflation which was a huge problem last year.  There's some evidence of capital flight and the Rupee's weakened a lot which makes paying off the foreign debt many Indian companies have a lot more difficult.  All of which are serious problems and make it seem rather odd that the potentials of a Chinese crash have been so well-reported and analysed while there's not been a great deal on India.

[Zanza]

India's economy is still nowhere near as important as China's. China is a massive consumer and industrial market nowadays, outdoing the USA in many areas already. India is still much poorer and doesn't have nearly the amount of middle class people. So fluctuations there won't have such a big impact on multinationals and thus the media doesn't care as much.

[Crazy_Ivan80]

so when does the G7 gets shaken up?

[Sheilbh]

so when does the G7 gets shaken up?

It's already irrelevant.  The G20's the important one.

[dps]

India's economy is still nowhere near as important as China's. China is a massive consumer and industrial market nowadays, outdoing the USA in many areas already. India is still much poorer and doesn't have nearly the amount of middle class people. So fluctuations there won't have such a big impact on multinationals and thus the media doesn't care as much.

Does China really have that much of a middle class?

[mongers]

India's economy is still nowhere near as important as China's. China is a massive consumer and industrial market nowadays, outdoing the USA in many areas already. India is still much poorer and doesn't have nearly the amount of middle class people. So fluctuations there won't have such a big impact on multinationals and thus the media doesn't care as much.

Does China really have that much of a middle class?

It's now probably as numerous as the US middle class and possibly rapidly approaching it in total net worth, perhaps.

[dps]

India's economy is still nowhere near as important as China's. China is a massive consumer and industrial market nowadays, outdoing the USA in many areas already. India is still much poorer and doesn't have nearly the amount of middle class people. So fluctuations there won't have such a big impact on multinationals and thus the media doesn't care as much.

Does China really have that much of a middle class?

It's now probably as numerous as the US middle class and possibly rapidly approaching it in total net worth, perhaps.

Do you have any sources for that, or is it just your impression?

[Neil]

The World Bank has India significantly ahead of Russia as well as Canada in GDP. The CIA also has India ahead of Russia.

In the IMF list the difference between India and Russia is negligible.

If there's one group that I would never, ever trust to get anything right, it would be the CIA.

[Razgovory]

They reformed their socialist economy ten years after the Chinese and they've had explosive growth since then.

Actually India's economy's slowed down a lot this last couple of years.  I'm not sure why, but it's worrying and, I think, under-reported.

It's been bad all over.  It'll pick up when the rest of the world economy does.

[Richard Hakluyt]

The Economist has a nice chart in this week's issue which runs a comparison on how the USA and China's economies compare :

http://www.economist.com/node/21542155

So unless China crashes and burns soon we may have a new hegemon in a couple of decades.