West must prepare for Chinese, Indian dominance: Wolfensohn
SYDNEY (AFP) - Western nations must prepare for a future dominated by China and India, whose rapid economic rise will soon fundamentally alter the balance of power, former World Bank chief James Wolfensohn has warned.
Wealthy countries were failing to understand the impact of the invevitable growth of the two Asian powerhouses, Wolfensohn said in the 2006 Wallace Wurth Memorial Lecture at the University of New South Wales at the weekend.
"It's a world that is going to be in the hands of these countries which we now call developing," said Australian-born Wolfensohn, who held the top job at the global development bank for a decade until last year.
Rich nations needed to try to capitalise on the inevitable emergence of what would become the engine of the world's economic activity before it was too late, he said.
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Wealthy countries were failing to understand the impact of the invevitable growth of the two Asian powerhouses, Wolfensohn said in the 2006 Wallace Wurth Memorial Lecture at the University of New South Wales at the weekend.
"It's a world that is going to be in the hands of these countries which we now call developing," said Australian-born Wolfensohn, who held the top job at the global development bank for a decade until last year.
Rich nations needed to try to capitalise on the inevitable emergence of what would become the engine of the world's economic activity before it was too late, he said.
LinkHere
posted by Kangaroo Brisbane Australia at 2:33 AM
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