Rodrigo Rato, international Monetary Fund managing director, says that “China overtook the United States this year to become the biggest contributor to world economic growth.” From AFP:
“For the first time, the largest contribution to global growth will now be made by China,” Rato told a business conference in the Philippines. “Looking ahead, we expect this pattern of growth to continue… We expect China -and increasingly India – to grow in importance as engines of global growth.” He said China would grow by more than 11 per cent and India at around nine per cent this year, with almost equal rates in 2008….[Full Text]
