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Not just the next China! India to Become a Superpower Economy According to Research
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2023-08-18
Due to the U.S.-China technology war that continues to push India's position in the international market, the U.S. research institute Riedel pointed out that India is not the new China, that it will be in accordance with its own rhythm and pace forward. The institute is optimistic that India will be able to achieve high growth as a super emerging power.
CNBC reported that David Riedel, CEO of Riedel, prefers and is very optimistic about India over China because the Indian economy is much larger than China's. In addition, he believes that India's economy is likely to exceed expectations over the next six months to two years, and he emphasized that "India, whether in the past or the future, is a very different country from China".
However, India also has some problems to solve. India's economy has long been stagnant in the middle-income level, and has not yet entered the ranks of high-income countries, but David Riedel believes that India will have the opportunity to achieve higher economic growth than expected in the future.
On the other hand, the economic outlook for China is a little bleaker. David Riedel predicts that China will not be as strong in the next five years as it has been in the past five years, as more and more foreign companies decide to move their supply chains and factories out of the country, resulting in more and more young people being unemployed in China, with the unemployment rate of young people between the ages of 16 and 24 climbing to a record high of 20.8% in May, according to statistics.
In addition, China recently released a series of lower-than-expected economic data, from which we can see that its economic growth trend is gradually slowing down. In addition, China's factory activity has been in contraction for the third consecutive month. China's manufacturing PMI (Purchasing Managers' Index) was 49 in June and non-manufacturing PMI was 53.2, both a record low this year.
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