Advanced economies: Still the global drivers
Economic growth in emerging markets may be growing very rapidly and China may
soon overtake the US as the world’s largest economy, but don’t write off the advanced
economies. It will take decades for average living standards in developing economies to
catch up with those in the West—even in 2020, average GDP per capita (in purchasing
power parity) in the US will be more than three and a half times higher than in China and
Brazil, and over nine times higher than in India.