New Delhi: Emerging economies India and China are leading the global economy on a '32-62-72' growth path, according to Gerard Lyons, Chief Economist, Standard Chartered Bank. "Despite the crisis in the West, the world economy continues to grow, led by the likes of China and India," as per Lyons.
Lyons used the numeric phrase '32-62-72' for evolving economic size of the world. Explaining the phrase, the Chief Economist said the global economy had increased from US$ 32 trillion in 2000 to just under US$ 62 trillion on the eve of the crisis and, in nominal terms, it is set to reach US$ 72 trillion at the end of this year.
"The shift in the balance of power continues to make the global economy bigger and, in doing so, provides markets for countries and firms in the West to sell into," according to an internal publication of the bank titled, Standard Chartered Asia Focus.
While Lyons acknowledged the contributions made by emerging countries such as India and China in the growth of world economy, he also stressed on the need to implement reforms and to move up the value curve in the developing economies.
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