Washington, Jun 4: Paul R. La Monica, CNNMoney.com editor, commented that Americans should get used to the fact that 'upstarts' like China and India are 'ready to rule world economy'.
"We may not like to admit it, but it's time to get used to this fact: emerging markets such as China and India are quickly becoming the world's new economic powerhouses," Paul wrote in a commentary Wednesday, Jun 3.
Paul said that a London based economic consulting firm, Centre for Economics and Business Research (CEBR) had predicted developing market economies may overtake United States and the rest of Western world in 2009, instead of 2015 as said earlier. He further added that this does not mean that US economy will fall.
He urged the investors to show interest in emerging markets and realize that interdependence is 'key to global economy'. Citing James Swanson, the chief investment strategist with MFS Investment Management in Boston, Paul said that China and other emerging markets like India and Brazil have tied themselves intricately to the US economic system. Keeping this in mind he asked the Americans ti increase their investment in these markets.