Date: 2023-08-21T18:30:41Z Creator: Bitfolio Academy
Since 2008, China has been leading global economic growth, shouldering a staggering 35% of the world’s economic growth! But now, the colossal engine of global prosperity is staggering, going down from 10% GDP growth every year to 3% growth.
China’s economic growth model has been cracking. First, hopelessly tangled in a web of debt! Second, growth is hopelessly dependent upon government spending–one-third of its total growth pie. And third, consumer spending stimulates less than 40% of the economic growth. As if these fractures weren’t disruptive enough, lately, the Chinese government has been handcuffing the vibrant private sector, playing favorites with state-owned enterprises.
This somber tale of China’s economic future is casting a long, dark shadow over the global economy.
There is a frenzied scramble to find the next China – to find the next juggernaut, capable of powering the global economic machine. Can India, the vibrant democracy with its teeming millions, step up to fill these enormous shoes? Or Will the bold and the disruptive technology, like cryptocurrency or AI, turbocharge global economies into a futuristic era of unprecedented growth?
Let me know in the comments. 🤔
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