China and India Leading Global Economic Growth

This news is not new news to those following the global scene, but it helps to know what the numbers say. China and India are out-performing the rest of the world in economic growth this year, the World Bank says in its 2004 global outlook.

The two Asian giants, each with a population of more than 1 billion, are expected to grow at up to 8 percent and 6 percent respectively in 2003.

But the rest of the global picture is far less rosy. The Bank says that for the third year in a row, the global economy is growing well below potential in 2003, at an expected rate of 2 percent.

It says that while there are some signs of a turnaround in the United States, Europe seems to be losing momentum and Japan appears positioned for another disappointing year.

These are encouraging signs for local economies in the U.S., assuming they can capitalize on the new growth opportunities expected to develop through the remainder of this year and into next year. That is a big "if," since an increased share of both office and production capacity are expected to head to China and India.

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