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Major Features of Economic Globalisation: Its Evolution & Current Trends

Major Features of Economic Globalisation: Its Evolution & Current Trends. By Mohan Guruswamy Centre for Policy Alternatives, New Delhi www.cpasind.com. Brief History of WTO. The 50 years old multilateral trading system under GATT was transformed into WTO in 1995

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Major Features of Economic Globalisation: Its Evolution & Current Trends

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  1. Major Features of Economic Globalisation: Its Evolution & Current Trends By Mohan Guruswamy Centre for Policy Alternatives, New Delhi www.cpasind.com

  2. Brief History of WTO • The 50 years old multilateral trading system under GATT was transformed into WTO in 1995 • WTO has 150 members, accounting for over 97% of World Trade • Over the past 50 years merchandise exports grew at an average of 6% annually • In 2000 total trade in the World stood at 22 times the level of 1950 Contd..

  3. Brief History of WTO • From 1947 to 1994, GATT was the forum for negotiating lower customs duty rates and other custom barriers • Since 1995 it deals with specific sectors such as agriculture and textiles, state trading, product standards, subsidies and anti-dumping measures

  4. Growth of World Trade since 1980(Bn US $) Source: Direction of Trade Statistics Year Book, 1987, 1997, 2002, 2004, IMF

  5. Top Traders of the World *Values are in US $ bn Source: Leading Exporters in World Merchandise Trade, 2004, World Trade Organisation website

  6. Growth of World Economy since 1980 Source: World Watch Institute 2002 & World Economic Outlook Database, 2005, IMF

  7. Comparison of Indian & Chinese Economy with the World, 2003 Source: World Development Indicators 2005

  8. Economic Growth of China since 1979 *Pertains to 2003 Source: China Economic Conditions, CRS Issue brief for Congress, 2005 & Outlook on the Chinese Economy, Lawrence J. Lau, Stanford Univ. , USA

  9. Economic Growth of India since 1960 Source: Economic Survey 2004-05 & 10th Five Year Plan Documents

  10. Economic Growth of India since 1980 *Data pertains to 1993-94 Constant Prices Source: National Account Statistics 1950-51 to 1992-93 & 2004 & Economic Survey 2002-03

  11. Growth of Manufacturing in China Source: Outlook on Chinese Economy,2002, Dept. of Economics, Stanford University, USA

  12. Growth of Manufacturing in India *Figures are at 1993-94 constant prices Source: National Account Statistics, Series 1950-51, 1992-93 & 2004

  13. China & India’s Manufacturing vis-à-vis World Source: Data calculated from World Development Indicators 2005

  14. US Trade Deficit Trends * Value in Billion US $ Source: Foreign Trade Division, US Census Bureau

  15. External Sector of India, China & ASEAN Countries *Data of Indonesia, Malaysia, Singapore, Thailand & Philippines Source: ASEAN Finance & Macroeconomic surveillance Unit, Statistical Outline of India 2004 -05 & The Economist August 27, 2005

  16. China’s International Trade since 1980 Source: China Foreign Economic and Trade Statistics Year book, various issues

  17. China’s Trade Statistics, 2003 (US$ bn) Source: Direction of Trade Statistics, 2004, IMF

  18. India’s International Trade since 1981 Source: Ministry of Commerce & Industry, Govt. of India

  19. India’s Trade Statistics (Rs. bn) Source: Economic Division, Dept. of Commerce, Ministry of Commerce, Govt. of India

  20. India’s External Financial Position (bn US $) Source: ASEAN Finance & Macroeconomic surveillance Unit, Statistical Outline of India 2004 -05 & The Economist August 27, 2005 & www.apcprocess.net

  21. Source Regions of Workers’ Remittances to India Source: Report on Currency & Finance 2002-03, RBI

  22. Petroleum Consumption in India & China since 1980 (mn barrels per day) Source: Annual Energy Review, 2004, Energy Information Administration, USA

  23. Price Trends of World Crude Oil since 1983 *Prices of the above are of July 1st of each year Source: Energy Information Administration, US Dept. of Energy

  24. China’s Oil Dependence 2004-05 (Million Metric Tonnes) Source: Energy Intelligence Agency, Govt. of USA

  25. India’s Oil Dependence (in million metric tonnes) *Extrapolated from data of April 2004 to August 2004 **Provisional Figures, ***Import Value calculated on the basis of prevailing World Crude Prices as on the financial year mid-point, Oct 1st. Source: Basic Statistics on Indian Petroleum & Natural Gas, 2003-04, Ministry of Petroleum & Natural Gas, Press Information Bureau, Ministry of Statistics & Programme Implementation, Govt. of India & US Dept. of Energy

  26. FDI Flow into China since 1979 Source: OECD, 2000 & World Investment Report 2004, UNCTAD

  27. FDI inflow into India since 1990 Source: World Investment Report 2004, UNCTAD, World Bank 2002 & Statistical Outline of India 2004-05, TATA Economic Services

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