By 2020 China to replace US as the largest consumer market
By the year 2020 China, India and the US will jointly contribute USD 1 trillion to the global economy, according to the Economist Intelligence Unit. Global real GDP will grow by 3.5% annually on average, making the world economy two-thirds bigger in 2020 than it was in 2005. China will be responsible for a significant 27% of this growth. China and India will contribute 65 mln and 142 mln new workers to the global workforce respectively by 2020. Despite this significant new workforce entering the market, wages will increase substantially, with wages in China in 2020 expected to be 4.5 times higher than they are presently. China will have at least 80 mln households with an annual income in excess of $7500.