April 30, 2014

China May Be Biggest Economy, but Not the Best

Willie Pesek, Bloomberg

The Associated Press

The danger is that in Asia, this ossified status quo traps billions far below middle-income levels. Rapid GDP growth has been remarkably successful in lifting hundreds of millions from the $1.25-a-day mark consistent with extreme poverty to $2 or even $3. But getting to $5 or $10 per day, or moderate poverty, is proving quite a reach. Governments aren't doing anywhere near enough to improve social and physical infrastructure, invest in education and health care and attack crony capitalism and corruption.

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TAGGED: China, United States, Indonesia, Asia, India, World Bank

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