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China and India provide two interesting examples of rapidly developing economies.
While low per-capita incomes still mean that both countries are typically labeled developing as opposed to developed countries, many expect that to change in the near future.
In the 25-year period from 1978 to 2003, China grew, on average, 8 percent per year, a rate faster than any other country in the world.
While India’s surge has been more recent, in the last 5 years, it too has seen annual growth rates in the 8 to 9 percent range.
Many commentators expect India and China to dominate the world economy in the twenty-first century. Both have embraced free market economics and remain densely populated. In terms of sector, most of China’s growth has been fueled by manufacturing while services, particularly in the software industry, have led growth in India.
Economic Development: Sources and Strategies
Two Examples of Development: China and India