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US dominance 'to continue'.

THE US will still be leading the international community in economic growth in 20 years, a top economist said yesterday.

But other countries will enjoy a greater role as economic power shifts to developing nations, said Harvard University international economics professor Richard Cooper.

He told delegates attending the forum that China would surpass Japan in becoming the world's second largest economy within the next two decades.

He was speaking at the Bahrain Global Forum, during a session entitled The Changing Global Balance of Economic Power and its International Impact.

Mr Cooper was joined by Japanese Minister of State for Economic and Fiscal Policy and Keio University Global Security Research Institute professor and director Dr Heizo Takenaka.

"The US has been the world's largest economy for the past 60 years because of its high per capita income," he said.

"Now other countries have attempted to close the gap with the US but have never been able to surpass it.

"The American economy is very dynamic in the sense that it's flexible and adapts well to shock despite sometimes generating it.

"In 2030 the biggest gainer will be China, which will greatly increase its share of gross world product. It will surpass Japan and will also close the gap between it and the US but will not surpass it.

European countries will for the most part fail in assuming the role of leadership by 2030 if they continue to preoccupy themselves with internal matters, said Mr Cooper.

"India is growing and will double its share of gross world product by 2030."

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Publication:Gulf Daily News (Manama, Bahrain)
Date:May 18, 2010
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