World Bank has already predicted that by 2024, China will surpass the US in GDP growth. And India will be close third.
The US is visibly concerned. It has dropped its traditional ally Pakistan and is closing up to India to tackle China. The Quad, where the US has roped in Japan, Australia and India is being pushed to become a 'military' treaty to tackle China's domination in the South China Sea, Indian Ocean and the Pacific. But India is reluctant to turn Quad into a military alliance and it was made amply clear in the recent G20 meeting where India announced that Quad is a trade and social welfare treaty. This, in spite of China describing Quad as an 'eastern NATO'.
This story is from the May 1 - 31, 2023 edition of BUSINESS ECONOMICS.
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This story is from the May 1 - 31, 2023 edition of BUSINESS ECONOMICS.
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