A globalised service asset: UK HE in demand
The continued fallout from the 2007-08 global financial crisis has shown clearly how economic power is shifting from west to east. While most advanced economies experienced a recession of some kind, many developing countries continued to grow – buoyed in many cases by significant stimulus packages. In its latest report, the IMF projects that advanced economies will grow by 2.2% in 2011 and 2.6% in 2012 compared with 6.6% for emerging and developing economies this year and 6.4% next.
China, in particular, stands out as an economic behemoth outperforming all others. It has grown at around 10% year for 32 years and now boasts the world’s second largest economy. Measured in terms of purchasing power parities, China may overtake the United States in economic size within five years. The country is now the world’s largest exporter of goods and the second largest importer. It contributed a staggering 18% of global growth in 2009 – more even than the US …