From Oh MyNews (link):
In the early 1960s, when America and Europe enjoyed their golden era of economic growth, many Western economists viewed Asia as a gloomy place with no prospect for rapid growth. But instead the Asian tigers boomed at an alarming rate, putting on the fastest burst of growth in economic history, and then their opinions switched somewhat dramatically in favor of the Asian economic escalation.
And most surprisingly, upon the dawn of the 21st century, most economists, extrapolating enthusiastically, concluded that at their respective growth rates, two Asian nations — China and India — would dominate the global economy within a decade. Theories about an “Asian century” and the superiority of Asian values gained in popularity all over the economic world.
Moreover, keeping in their tradition of sound gross domestic growth, India and China in 2006 are likely to register 7.6 percent and 9.5 percent gross domestic product (GDP) growth rate, as per the report, “Asian Development Outlook (ADO 2006),” that was released recently by Asian Development Bank (ADB). Both nations growth projection for 2006 are above the average, as it has been stated by the ADO 2006, that the average GDP growth in Asia stands at 7.2 percent.
