Poor Countries are the Best Hope to Boost Western Economies
Nov. 2, 2011
Paul Hopkins of Reuters reports that the best hope to boost the western econoimies is to invest in underdeveloped countries. "We need growth. We're not going to get out of this by just cutting deficits," says Tidjane Thiam, the Franco-African engineer who runs Britain's biggest insurer Prudential Plc. in a report to G20 this week.
"The growth curves are just unbelievable. Anything grows at 20 percent per annum which means it will be 10 times bigger in 10 years. You don't get that in the West unless you are Facebook."
The big change he wants to drive through is to make it safer and easier to invest in poorer nations by institutionalizing what is often already being done on a local, project-by-project basis.
>> Read More