As most of us know India has the second largest population in the world and still a developing third-world country however, that all could soon change due to a number of factors. Some of which may affect many of our generation.
As most of you have heard China is steadily on course to do what seems impossible to Donald Trump and overtake the USA as the world’s biggest economy but they are also on course to holding that title for a short time as leading economist Douglas McWilliams, chief executive of the Centre for Economics and Business Research think-tank believes that India will become the globes largest economy before 2050. A key reason for this is that for so long many countries in Asia have not experience prosperity and wealth and still behave with the hunger of societies that are poor. ForAccording to his figures, the average Singaporean works 2,307 hours a year and the average Hong Konger works 2,287 hours. In contrast, the British average is 1,625 hours, while our tax rates are also higher. This is due to many UK citizens taking their prosperity for granted and in turn relaxing and therefore setting themselves up to lose without even knowing it.
Mr McWilliams also stated that if Western countries in particular countries that are outside the single currency such as the United Kingdom could slide into a financial crisis like Greece did which could be disastrous for people like me and you who will be in a large amount of debt if we attend university.
Other factors that could potentially slide the UK into a financial crisis that could possible affect US the worst is due to Brexit in which many economist predicted wrong as you probably already know and the rebirth of the Labour Party. Although the latter is very unlikely to trigger a severe crash like in 2007-2008, it could definitely cause quite a stir among the FTSE 100 companies (FTSE 100 is the United Kingdom stock exchange and is the top 100 companies trading in the UK). Another factor is the young population of India and the ageing population of the UK. For example India has approximately 65% of its population below the age of 35, whereas the UK has only 15% between the ages of 0-15. This problem means that in the UK there is a shortage of workers and an effect of that is many companies are outsourcing departments such as call centres to countries such as India where there is no shortage of young people eager to work.
Foreign languages. India has the second largest population of fluent English speakers with their numbers ranging from 150-250 million. Along with English students also learn languages that include Russian, Chinese, Spanish, French, Dutch, Italian and many others. This makes their young people more attractive to potential employers because they can speak a number of languages and seem to have a larger skill set. From personal experience among my friends and people in my school the tendency is that a language is taken at GCSE for the sake of it with very few people wanting to take a language onto A-Levels and even few willing to even consider taking a language at university.I am definitely guilty of having this mentality. This kind of mentality could have a serious effect on our future.