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Standard Chartered Plc, a multinational company has made long term forecasts about the shake-up of the world’s gross domestic product (GDP) rankings. The key elements of the forecast are:
- Seven of the world’s top 10 economies by 2030 most likely would be emerging markets of the present.
- China would become the largest economy by 2020, based on purchasing power parity exchange rates and nominal GDP.
- India’s GDP would be most likely larger than the US in 2020 based on purchasing power parity exchange rates and nominal GDP.
- Indonesia will break into the top 5 economies by 2020.
- The study projects that India’s growth would accelerate to 7.8% by the 2020s.
- China’s growth would moderate to 5% by 2030 reflecting a natural slowdown given the size of the economy.
- The share of Asia in global GDP which is about 28% would further increase to 35% by 2030. This would be equal to the combined share of Euro area and US.
Standard Chartered Plc has undertaken the long-term growth forecasts based on one key principle that countries’ share of world GDP should eventually converge with their share of the world’s population, driven by the convergence of per capita GDP between advanced and emerging economies.
Gross domestic product
Gross domestic product (GDP) is the market monetary value of all the final goods and services produced in a period of time, often annually or quarterly. It is the measure of the nation’s overall economic activity.
Standard Chartered Plc
Standard Chartered Plc is a British multinational banking and financial services company headquartered in London, England. Standard Chartered Plc is a universal bank with operations in consumer, corporate and institutional banking, and treasury services.
Both India and Pakistan have exchanged their list of nuclear installations. The exchange was in accordance with the Agreement on Prohibition of Attacks against Nuclear Installations and Facilities between Pakistan and India.
Agreement on Prohibition of Attacks against Nuclear Installations and Facilities
The Agreement was signed between India and Pakistan on 31 December 1988 at Islamabad and came into force on 27th January 1991. As per the agreement:
- Both India and Pakistan would refrain from undertaking, encouraging or participating in, directly or indirectly, any action aimed at causing the destruction of, or damage to, any nuclear installation or facility in the other country.
- Both India and Pakistan will inform each other about their nuclear installations and facilities on 1st January each year and also whenever there is a change.
Both countries have adopted the agreement as part of their efforts to uphold durable peace and develop friendly and harmonious bilateral relations. The exchange under the agreement is also a confidence-building measure in the bilateral relations.