Rough ride ahead, leading economist warns - National - smh.com.au: "The global economy is likely to be destabilised by the integration of China and India, one of the world's top economists has warned, as protesters continued to demonstrate against the Sydney meeting of international business leaders.
Speaking at the Forbes CEO conference yesterday, Professor Joseph Stiglitz, a Nobel Prize winner and former chief economist of the World Bank, said an 'enormous change' was taking place as more than 2 billion people were integrated into the world economy.
Imbalances in the United States - especially its massive deficit and low household savings rate - and soaring oil prices increased the risks as this massive transition was taking place, Professor Stiglitz said."
Look for a definite change in the economic structure of most "developed countries" as China and India start to become more influential in the coming years. It's going to be a bumpy ride untill a new balance is struck in the global economic ring.