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Monday, November 27, 2006
China and India poised to conquer the world

That's the claim made by the former head of the World Bank, James Wolfensohn. He warns that it will come before we know it and will radically alter the shape of our world. The West will have to get used to a world where the Chinese and Indians call the shots. It won't be pretty.

Wealthy countries were failing to understand the impact of the invevitable growth of the two Asian powerhouses, Wolfensohn said in the 2006 Wallace Wurth Memorial Lecture at the University of New South Wales at the weekend.

"It's a world that is going to be in the hands of these countries which we now call developing," said Australian-born Wolfensohn, who held the top job at the global development bank for a decade until last year. Rich nations needed to try to capitalise on the inevitable emergence of what would become the engine of the world's economic activity before it was too late, he said.

"Most people in the rich countries don't really look at what's happening in these large developing countries," said Wolfensohn, who is now chairman of Citigroup International Advisory Board and his own investment and advisory firm.

Within 25 years, the combined gross domestic products of China and India would exceed those of the Group of Seven wealthy nations, he said.

"This is not a trivial advance, this is a monumental advance."

United we stand...

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