23 June 2011 06:21 [Source: ICIS news]
The slowdown is in line with
China’s real GDP growth rate is expected to slow down to around 7.4% in 2015-2020, and will slow down further to 6.9% in 2020-2025 as the government “rebalances the economy”, Peterson added.
Peterson was speaking at the sidelines of the 15th World Chlor-alkali Conference in
The slowdown will be compounded as
“It will be a harder leap for the economy to make [from manufacturing to services rather than from agricultural to manufacturing] as wages rise,” Peterson said, adding that the lack of English-speaking workers will be another major barrier for the country.
Around 1% of China’s total population, or around 10m people, can speak English compared with 10% or 100m English-speaking people in India, according to Peterson.
Global GDP in 2010 totalled $41,300bn (€28,910bn) and is expected to grow to $68,700bn by 2025, according to Peterson.
Near term “drags” on the global economy will include the recent monetary tightening policies undertaken by the Chinese government and the persistent supply overhang that is still hampering the
“It will take three to four years for the overhang to be absorbed,” Peterson said.
In addition, the European debt crisis and the 11 March earthquake and tsunami that struck northeast
($1 = €0.70)
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