China ranks first among 22 emerging Asian economies as the country most likely to maintain steady and rapid growth over the next five years, according to the Bloomberg Economic Momentum Index for Developing Asia.
China scored 76.2 percent in a ranking of 16 areas including economic competition, education level, urban migration, high-technology exports and inflation that measure a country’s ability to continue delivering high growth. India was second with a score of 64.1 percent followed by Vietnam at 61.9 percent. Timor-Leste was last at 25.3 percent.
The index suggests China and India’s economic surge is durable and will likely continue to drive global growth as the U.S., Europe and Japan lag behind. Gross domestic product in each of the top three Asian countries in the index expanded at least 5.4 percent a quarter on average throughout 2008 and 2009 while the U.S., the eurozone and Japan fell into recession.
“China has a proven track record, as they have maintained superior growth for a long time,” said Dariusz Kowalczyk, senior economist at Credit Agricole CIB in Hong Kong. In particular, the Chinese government “demonstrated their ability to manage the global crisis.”
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