Letters To The Editor
Letters To The Editor is the online edition of Hear All Sides, the daily letters page from The Northern Echo.
World economy
IN the past we were advised to "Go
West, young man and seek your
fortune". Well, the direction we
should head in now is East. The
three countries that are about to
rise to mega-heights and surpass the
US economy are:
India - well educated and a ready
source of low-cost workers, China -
hi-tech skills with millions, if not
billions, of low-cost workers all with
aspirations to progress. It is
interesting to note the average
Chinese person saves 30 per cent of
their income, while we in the UK
spend and do not save, Russia - one
of the world's largest economies
with vast oil and gas reserves.
China is the largest holder of US
Treasury debt and should it dump
its holdings, or even a part of them,
it will have huge effect on the US
and what affects America affects us
in Britain as we have already
experienced (credit crunch).
We, as a nation and as individuals,
need to be serious about getting out
of debt and not taking on any
further liabilities.
John Waiting, Guisborough,
East Cleveland.
8:33am Friday 16th May 2008
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CommentPosted by: gordon, nottingham on 12:46pm Fri 16 May 08
The proportion of well educated indians and chinese is far lower than a western european country. Furthermore, a lot of the indians who work in the it industry have actually gone west to work in companies here and elsewhere in the eu.
The proportion of well educated indians and chinese is far lower than a western european country. Furthermore, a lot of the indians who work in the it industry have actually gone west to work in companies here and elsewhere in the eu.
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