Major Features of Economic Globalisation: Its Evolution

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 Indias 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
Chinas International Trade since 1980
Source China Foreign Economic and Trade
Statistics Year book, various issues
17
Chinas Trade Statistics, 2003 (US bn)
Source Direction of Trade Statistics, 2004, IMF
18
Indias International Trade since 1981
Source Ministry of Commerce Industry, Govt. of
India
19
Indias Trade Statistics (Rs. bn)
Source Economic Division, Dept. of Commerce,
Ministry of Commerce, Govt. of India
20
Indias 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
Chinas Oil Dependence 2004-05 (Million Metric
Tonnes)
Source Energy Intelligence Agency, Govt. of USA
25
Indias 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