The Conference Board's Global Economic Outlook claims that the "emerging markets" are going to be the drivers of global economic growth through 2010. At such time, the Board says that China may have a larger GDP than the U.S. in terms of purchasing power parity (PPP) by 2020.
Through 2015, the Conference Board expects U.S. GDP to putter along at 1.8 percent growth while China hums along at 9.2 and India follows behind at 8.3. The Board sees China's growth rates cooling a bit on the back-end of the forecast: down to 8.6, while both the U.S. and India make growth gains. Meanwhile, in Europe
In short, the Board argues that "we are seeing unprecedented shifts in the distribution of global output."
Derek Scissors says we should be skeptical of these numbers because the price of goods in China is likely to increase, which would impact the PPP comparisons considerably.
(AP Photo)