Developed Economies' Growth Declined In The Global Climate Change Era: Pritam Singh

Developed economies' growth declined in the global climate change era: Pritam Singh

The developed economies' growth has declined in the global climate change era particularly of US has faced 22.6 per cent decrease in its total share in the world gross domestic product (GDP) ratio

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Apr, 2019 ) :The developed economies' growth has declined in the global climate change era particularly of US has faced 22.6 per cent decrease in its total share in the world gross domestic product (GDP) ratio.

Speaking at a seminar on "Sustainability implications of the spatial shift in global capitalism: An eco-socialist perspective" Prof Dr Pritam Singh from Oxford school of Global and Area Studies, University of Oxford made these remarks here on Thursday.

He said, "The diminishing of developed capitalist economies' growth has given rise to new economic powers like Brazil, Russia, India and China (BRIC) where capitalism is developing in the largely populated developing countries that is evident to spatial shift in global capitalism. A study of the GDP growth criterion from 1980-2017 China was less important even than India where US in 2000 occupied � of the global economy. Annual growth reports reveal significant progress in the growth of the developed economies." The gross national income (GNI) per capita increase support the spatial shift in global capitalism where Russia, Singh said had the maximum per capita income among the other developing economies as the main reason was its stagnant population growth.

"International GDP share, Foreign Direct Trade and Foreign Direct Investment (FDI) are the key components for analyzing any economic power's progress. Major FDI has been observed coming to developing economies unlike the earlier practice of mass investment in European Union and US due to viable environment and opportunities," he underscored.

Prof Pritam Singh said that in 2010 China replaced US as the biggest manufacturer in the world and also replaced Japan as the second largest economy where India replaced Japan as the third largest economy in 2011.

China, he mentioned had overtaken US GDP in terms of purchasing power parity (ppp) in 2014 adding "future economic predictions believe that China will become dominant supplier of manufactured goods where India to take over supplies of services across the world.

" Referring to sustainability implications, Prof Singh expressed that rise in incomes and massive consumption due to huge population size was contributing in the major chunk of global climate impacts. It had also resulted in changes in consumption patterns as non-vegetarian food utilization had increased in China and other developing economies.

"It's an environmental imperative to focus on reducing non-vegetarian consumption as global competition of resources has resulted. The old western capitalist development model is not replicable as it has baldy destroyed environment and largely responsible for environmental destruction in the form of global warming and bio-diversity loss," he added.

A new paradigm shift was required in the advanced capitalist economies and to choose the alternative 'eco-socialist' development model to avoid environmental catastrophe in order to save the planet earth, Pritam Singh said.

It was collective responsibility including individual consumers, institutional practices, collective organizational initiatives, government targets and policies, and global agreements such as Paris Agreement, to help mitigate the dire consequences of climate change, he said.

"There is no need to follow developed countries advancement model for developing economies like Pakistan as it should learn from the mistakes of the developed economies and should strive for building self-sufficient economy," he suggested.

"In order to achieve sustainable development, every individual has the responsibility to change its consumption behavior and adopt the sustainable practices," he emphasized.

Dr Shafqat Munir, Director Policy, SDPI while moderating the session said that the economic policies and development model of the developing economies, such as of Pakistan should be environmentally friendly. "Without protecting the environment, we cannot achieve sustainable development," he added.

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