The world’s gross domestic product (GDP) will not be the same in all countries or all regions in the world. The reason for such diverse scenarios lies in the fact that each zone is overcoming the economic crisis in various ways and at a different pace from one another
The world’s gross domestic product (GDP) will grow about 3% in 2010 and a little more in 2011. This growth, however, will not be the same in all countries or all regions in the world. The reason for such diverse scenarios lies in the fact that each zone is overcoming the economic crisis in various ways and at a different pace from one another. So, while the economy of the European Union (EU) will grow 1% in the present year 2010 and 1.5% in 2011, the rest of the world will be growing at much faster rates. For example, the various economies of Latin America, which have already left the crisis behind thanks to their exports, will grow 4% this year and a further 4% in 2011. The United States has also overcome recession, as it has been growing economically since the second half of 2009. Prospects for Africa are of a 5% growth in both 2010 and 2011. Asia, especially India, South Korea and China, will still remain, along with the USA, the driving agent behind the world’s growth, with GDP growth rates of 7% in 2010 and 2011.
[This research paper has been reproduced with permission of the authors, professors of IE Business School, Spain http://www.ie.edu/]