Last Updated :
05 January 2009 at 15:00 IST
India, China, Russia, S Korea to emerge stronger
Commodity OnlineNEW DELHI: India along with China, Russia and South Korea would emerge stronger out of the current crisis as they enjoy strong economic foundations based on foreign exchange reserves, higher growth rates in GDP per capita and sound monetary policy measures, according to The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
The ASSOCHAM study titled “India & G20: Economic fundamentals amid global recession” considered seven economic indicators relating to size of economy, spending power, tax structure, interest rate policy, budget balances, debt burden and foreign exchange reserves.
Ranking on these indicators (based on scores on a scale of 10) suggests India ranks fourth amongst the group of advanced and emerging economies (G-20) in terms of the seven key economic indicators determining the scope of policy intervention (both fiscal and monetary) and the impact of the global economic slowdown.
The current crisis, having being originated in US then spreading to Europe (with UK majorly hit) and Japan has led these advanced countries low in rankings at 11, 12 and 13 respectively.
China and Russia have got the highest ranking as per Assocham survey with a score of 68, South Korea 61 (3), India 51 (4), Germany 50 (5), Australia 49.5 (6), Mexico 49.5 (6), Saudi Arabia 48.5 (8), Turkey 48 (9), Brazil 47.5 (10), USA 46 (11), UK 45.5 (12), Indonesia 44 (13), Japan 44 (13), S Africa 45.5 (15), Canada 39 (16), Argentina 37.5 (17), France 37 (18) and Italy 34.5 (19).
Looking at the severity of the current crisis, globally coordinated steps have been taken on both the fiscal as well as the monetary grounds to insure the unprecedented growth story of the world against the recessionary forces pulling down the growth substantially. However policymakers around the world are likely to take further actions to deal with the turmoil.
Although the economic fundamentals have been shaken drastically across the globe in the past few months, two of the three Asia’s largest economies scores over other group countries on the aforementioned economic parameters which takes them ahead of the other group members to devise effective action plans to deal with the crisis situation even efficiently.
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