India and China are Most Capable of Leading Global Economy

After the announcement of General Motors, which used to reflect the strength and the mightiness of the U.S. strong economy’s machine, a prominent American economic expert pointed that the world should be more understanding now of the fact that India and China will lead the global economy in the coming period and could do so for decades.

U.S. economic and strategic expert Paul La Monica pointed out in an interview with CNN that the U.S. street seems reluctant to accept the fact that the era of U.S. economic hegemony has started to decline and perhaps it is the beginning of its end. He also said that that emerging global economies such as China and India are ready to play the role of the powerful and more solid global economy leaders, and will be the moving force of the economy during the next few years.

He pointed out that the London-based American Center for Economic Studies and Business predicted in a recent study that India and China’s emerging economies will be the main axis of the world’s economy and these economies will be bigger and stronger than the economies of Europe and the West within the next 10 years.

On the other hand, La Monica excluded the possibility of the U.S. economy being exposed to devastating economic shocks, saying that the U.S. economy can recover and will overcome this crisis at the earliest possible opportunity. The expert emphasized that the U.S. economy is currently in a weak period that will have repercussions in the near-to-mid future.