The economic recession is now out of its most acute phase, but the systemic damage and slow recovery will be felt for years in many Western countries, particularly the U.S. Conversely, China grew at about 8% last year and a top Chinese think tank has predicted 10% growth in 2010. As China roars into its year of the Tiger, America will be dealing with high unemployment and low single-digit growth for half a decade or more.
If we were to deem 2010 as a starting point for evaluating future economic prospects, China obviously has a leg up over the U.S. from the get-go, in terms of growth potential.
But which country is better positioning itself for long-term growth? Two decades from now, the gears of national economies will be churning without the last century's most popular lubricant: oil. In a future of oil scarcity, will the U.S. or China be more prepared?
