The miracles are over in China – Diepresse.com
For a quarter of a century, poorer countries drove global growth and reduced the gap to the rich nations. But the catch -up is stopped. The refugee crisis has a complicity.
Anyone who was born in the 1980s has probably spent most of his youth in a firm belief that the world would be constantly better. After the fall of the Iron Curtain and the end of the Yugoslav War, Europe dipped into peaceful times, the economic rise of China, India and other emerging countries drove global growth, the once poor countries approached the rich industrial nations. And that was a good thing.
« /> The construction boom in China is a symbol for the economic rise of the country. APA/AFP/STR
But historically, time from 1990 is a great anomaly. For centuries it was the wealthy countries that went as a clear winner from the economic battlefield. Between 1990 and 2015, however, people from poor and rich countries approached strongly, over a billion people could escape extreme poverty. In China alone there were 800 million. Fewer and fewer children died premature, more and more people had electricity, access to education and prospects for a job. But as it looks, the era of the big catch -up is over again.
