Asia to replace US as worlds growth driver
Asia is forecast to replace the United States as the key driver of global growth within five years, a published report said on Tuesday.
In five years time, domestic demand growth from Asia will outstrip that of the US, said DBS Bank economist David Carbon in the latest Quarterly Outlook.
The US will no longer be the biggest driver, he said. That role will fall to Asia. Indeed, it already has to a far greater extent than most realize.
The baton is passing and it will soon be complete, he predicted.
Asia already exports more electronics to China than it does to the US, Carbon noted in the banks publication, and earns more export revenue from China than the US.
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