Over the past few weeks, a swathe of Asian countries has been test-firing new intercontinental missiles across Asia in an attempt to gain an upper hand in the Game of Thrones, but in many ways economic growth will have a bigger impact than missile tests, or even military developments in general, on social stability across the continent.Standard & Poor’s lowered India’s economic outlook from stable to negative today. A credit analyst at S&P told the NYT: “We expect India’s real G.D.P. per capita growth will likely remain moderately strong, at 5.3 percent in the current fiscal year ending March 31, 2013, compared with about 6 percent on average over the prior five years, but down from 8 percent in the middle of the last decade.”The drop from 8 to 5.3 percent is more significant than it might seem. India’s economy already lags behind China’s, which is also slowing. The Asian Development Bank says China’s growth will slow to 8.5 percent this year, from 9.2 percent in 2011.Whether slow growth like this will continue over the next few years is not a prediction Via Meadia is comfortable making. But the prospect of poor economic performance across Asia is definitely bad news, especially, of course, for Asia’s poor. Unemployed and restive populations, nuclear weapons, increasingly long-range missiles, and perhaps overeager trigger-pullers—this is not a pretty picture for Asia’s near future. Let’s hope officials in these countries, especially India, start to shift their focus to serious economic reforms.
Slow Economic Growth Complicates Game of Thrones
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