Roubini cautions on China growth, highlights India

Prof Nouriel Roubini, one of the few to forecast the current Crisis, is very positive about the opportunities for growth in India over the next 20 years. Speaking in Mumbai, he argued that:
• “While the economies of India and China are not large enough to lead global growth, emerging markets remain ‘bright spots’ compared with the U.S., Europe and Japan, which all face deflationary pressures“.
• “The size of the emerging markets is going to become larger and larger, and it’s going to become greater than the GDP of the United States. It may take 20 to 30 years, depending on relative economic growth, but the process will occur (and) we should get used to it.”
• “China might be facing a greater challenge in maintaining its double-digit growth rate than India“, as stimulus measures are withdrawn.
• “China has been a hare and India a tortoise, but growth is accelerating in India. The positive aspect about India is that its economy is less dependent on exports compared with China.”