America’s days as the world’s most powerful economy are numbered, and when that torch is finally passed, it’ll be tough to get back, according to a recent report.
In our call of the day, Standard Chartered predicts China’s GDP will overtake the U.S. next year. What’s more, within another decade, India is pegged to push the U.S. further down the list:
“The global middle class is at a tipping point,” writes Standard Chartered researcher Madhur Jha in the report. “By 2020, a majority of the world population will be classified as middle class. Asia will lead the increase in middle-class populations even as middle classes stagnate in the West.”
