30 Aug, 2011
Don’t expect China et al to save the world ?? – Focus discussion – People Forum
China’s problems are already well recognised. The country’s growth has been fuelled over the past decade by an ever-growing trade surplus that has reached unsustainable levels. China’s leaders must refocus its economy away from export-oriented manufacturing and towards domestic sources of demand, while managing the job losses and social unrest this restructuring is likely to generate.
At least China has successfully built broad-based modern industries, something that remains a daunting task for most other countries. India has scored important successes in IT and business services, but it must expand its manufacturing base if its economy is to generate decent jobs for a vast, low-skilled workforce and sustain growth. In Nigeria, formal employment has actually shrunk due to public sector retrenchment, privatisation, trade liberalisation and lack of job creation in new industries. Nigerian workers are flocking back to family farms.
via Don’t expect China et al to save the world ?? – Focus discussion – People Forum.
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