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QUESTION
Discussion
Future of the Developing World
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| Subject |
Economics |
|
3 |
Style |
APA |
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ANSWER
Future of the Developing World
Discussion
In the last ten years, China's economic growth has declined from 9.7% real GDP growth rate in 2008 to 6.6% in 2019. The same trend is witnessed in Latin America that realized only a growth of 0.1% rates in 2019, and the future does not paint an excellent economic image. The GDP growth of India was 13.3% and this declined to just 6.3% in 2019. The economic growth of some African countries has also experienced stagnation in the last decade. China and India show the prospect of continuing to experience economic growth after they posted positive indications in 2020.
China and India have liberalized internal economic policy. Fair treatment of foreign investors and increased global trade engagements will help in improving their economies. The two countries have committed to growth in science and education and innovation. They continue to enjoy the advantage of a high population that creates a huge market for foreign products. Latin America does not show positive economic progress going into the future. The region continues to experience a shrinking economy, and all indicators suggest a worse scenario ahead. The factors that cause pessimism in the economic growth of Latin America is inability to sustain competitiveness and productivity, slow transfer of knowledge and idea due to poor quality of education, extreme inequality and lack of social protection. Most investors would not risk making meaningful business in Latin America. Corruption, poor leadership, and an ineffective education system continue to derail some African countries' economic progress.
If I were to invest in the next 20-30 years, I would choose to invest in India. India shows strong economic growth, extensive market, rising global status, and a liberal business environment. While China share some market qualities with India, its government is less predictable. Besides, there is severe social instability and possible changing demographics in the country. Young people dominate the country, and this could be changing going into the future.
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