27, December 2017
China to become world’s biggest economy by 2032 0
Experts say the United States is set to lose its global economic dominance and will be replaced by China that will establish itself as the world’s biggest economy before 2032.
A report released by the London-based Center for Economics and Business Research emphasized that China was already successfully moving ahead based on an economic growth that emerged in 2007.
The report added that four other Asian nations – India, Japan, South Korea, and Indonesia – would also join China it in the top 10 global economies.
The 10 largest economies in the world in the year 2032 would be China at the top, followed by the US, India, Japan, Germany, Brazil, the UK, South Korea, France and Indonesia, the report added as cited by was quoted as saying by Russia’s Sputnik news agency.
“China has maintained its growth resilience and gained reform momentum,” said John Litwack, World Bank lead economist for China, in reference to China’s 6.8 percent gross domestic product growth in 2017.
“The authorities have undertaken a host of policy and regulatory measures aimed at reducing macroeconomic imbalances and limiting financial risks without notable impact on growth,” Litwack was quoted as saying by Sputnik news agency.
Meanwhile, the Institute of Population and Labor Economics at the Chinese Academy of Social Sciences (CASS) also found that the “new” Chinese economy, companies and services based on the internet, grew at an astonishing average 16.1 percent between 2007 and 2017 — twice as fast as the overall Chinese economy.
Chinese economic growth has slowed to counter the excesses that come part and parcel with rapid economic growth: pollution, debt and income inequality, Sputnik added. However, China more than doubled the US’ 2017 GDP growth of 3.2 percent.
Already, China has a higher real GDP than the US, but the US retains a comfortable lead of $7.4 billion in nominal GDP. But the Chinese economy is growing at high speed, so it’s only a matter of time before it outpaces the US, the report added.
Source: Presstv
























27, December 2017
Russia to supply Turkey with four S-400 missile divisions worth $2.5 billion 0
Russia will sell Turkey four divisions of the S-400 surface-to-air missile system worth $2.5 billion under a deal agreed between the two sides earlier this month, says the head of Russian conglomerate Rostec.
Sergei Chemezov told the Kommersant daily on Wednesday that Turkey would pay 45 percent of the cost in advance while Russia would provide loans to cover the remaining 55 percent, adding that the Russian and Turkish finance ministries had already completed talks on the loans.
He added that Moscow would begin the first deliveries in March 2020.
Turkey is the first NATO member state to acquire the advanced S-400 missile system, the Russian official said.
The deal was discussed between Russia’s President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan during the former’s visit to Ankara on December 11.
The deal comes as Turkey has been establishing closer relations with Russia after its ties with Western and European governments soured following a crackdown in the country over the July 2016 coup attempt.
NATO originally reacted skeptically to the decision, saying the system was not compatible with its equipment.
However, the Pentagon said recently that Turkey’s purchase of the S-400 system, the most significant deal Ankara has signed with a non-NATO military supplier, was generally “a good idea” as it was inter-operable with the military alliance’s other systems.
The S-400 is Russia’s latest surface-to-air missile defense system.
It has a range of 400 kilometers and can track up to 300 targets, including aircraft, drones and ballistic and cruise missiles, simultaneously.
Russia has also agreed a deal with Saudi Arabia to supply the S-400 to Riyadh.
The agreement was signed during Saudi Arabia’s King Salman’s visit to Moscow in October.
A number of other was also signed during the King Salman’s trip, the first by a Saudi monarch.
Source: Presstv