May 19th, 2014
06:27 PM ET

What I'm reading: Does India need a Thatcher moment?

By Fareed Zakaria

“India’s opportunity comes from being uniquely young – a large majority of the population is of working age,” writes Gurcharan Das in the Financial Times. “This promises a surge in economic growth, as gains from those of productive age outweigh the burden of supporting the old and the very young. Such a demographic dividend could add 2 percentage points to per capita growth. The country cannot afford to let this potential slip away. Each year, 9 million people enter India’s job market and a 1 percentage point rise in gross domestic product adds about 1.5 million direct jobs. Thus, restoring growth to 8 percent from 4.5 percent today would do it. Failure to do so risks confronting India with a demographic disaster, as the great hope of youth turns into despair.”

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“The most expensive housing market in North America is not where you’d think. It’s not New York City or Orange County, California, but Vancouver, British Columbia,” writes James Surowiecki in the New Yorker. “We’re all familiar with the stories of Russian oligarchs buying up mansions in London, but this is a much broader phenomenon. A torrent of capital from wealthy people in emerging markets – from China, above all, but also from Latin America, Russia, and the Middle East – has flowed into the real-estate markets of big cities in other countries, driving up prices and causing a luxury-construction boom. A recent report by Sotheby’s International Realty Canada examined more than twelve hundred luxury-home sales in Vancouver in the first half of 2013 and found that foreign buyers accounted for nearly half of sales. In Miami, a huge influx of money from Latin America has enabled the city’s housing market to recover from the bursting of the housing bubble, and has set off a condo-construction spree. Australia has become a prime market for Chinese investors, who Credit Suisse estimates will buy forty-four billion dollars’ worth of real estate there in the next seven years.”

 


soundoff (26 Responses)
  1. chri§§y

    NO ONE would think the most expensive housing market would be in the US given our economy! Good news on the 1% tax dodgers though...no more hiding your money in off shore accounts just so you dont have to pay taxes lol!

    May 19, 2014 at 10:30 pm | Reply
    • John Smith

      America is the root of all terror. America has invaded sixty countries since world war 2.
      In 1953 America overthrow Iran's democratic government Mohammad Mosaddegh and installed a brutal dictator Shah. America helped Shah of Iran to establish secret police and killed thousands of Iranian people.
      During Iran-Iraq war evil America supported Suddam Hossain and killed millions of Iranian people. In 1989, America, is the only country ever, shot down Iran's civilian air plane, killing 290 people.
      In 2003,America invaded Iraq and killed 1,000,000+ innocent Iraqi people and 4,000,000+ Iraqi people were displaced.
      Now America is a failed state with huge debt. Its debt will be 22 trillion by 2015.

      May 20, 2014 at 12:43 pm | Reply
  2. ✠RZ✠

    Earlier this week, Deutsche Bank suggested Canada’s housing market is 60% overvalued in a report looking at house prices in 20 advanced economies. Using data from the Organization of Economic Co-operation and Development, they found Canada’s home price to rent ratio was 88% above its historical averages and the home price to income ratio was 32% above. Averaging the two, they concluded that the Canadian market is 60% over priced.

    May 19, 2014 at 11:28 pm | Reply
    • rupert

      @RZ. U know what u remind me of? Nevermind.
      I bet your GPA was 3.25 in college and u were one of those that didn't have to study. Well, whoopie doo.

      May 20, 2014 at 5:00 am | Reply
    • rupert

      RZ, Ihre FuBe riechen wie ein Schwein.

      May 20, 2014 at 6:19 am | Reply
    • rupert

      @RZ, Du verachte mich, nicht wahr?

      May 20, 2014 at 8:42 am | Reply
      • ✠RZ✠

        Wenn ich Sie jeden Gedanken gab, Ich wahrscheinlich würde.

        May 20, 2014 at 8:44 am |
      • rupert

        Hi dazzle dear. Having fun with RZ? I taught him everything he knows.

        May 20, 2014 at 7:55 pm |
  3. mikserg

    Zakaria is nothing more than a salesperson from an Indian flee market. He pretends having knowledge in every field but in fact just tells the audience what they want to hear in order to push his merchandise through. He is not a professional journalist but is a screw in the propaganda machine.

    May 20, 2014 at 2:33 am | Reply
  4. rupert

    Oh. Well then, u must work at FOX. So, how do u enjoy their right wing slant on the news?
    I thought so.

    May 20, 2014 at 4:17 am | Reply
  5. rupert

    @mikserg..you didn't even read the article, stu pid.

    May 20, 2014 at 4:35 am | Reply
  6. rupert

    OMG, mikserg, I see so many facts on the article. And yes, the population of India is relatively young, and yes, China will invest in Australia, billions.
    How can u argue with facts, other than u prefer to hear from ann coulter plus u are so stupid since u do not know how to read.

    May 20, 2014 at 4:42 am | Reply
  7. rupert

    Ann coulter is a right wing fanatic. She is not smart.
    Dumbest people in the western hemisphere:
    1. Rush Limbaugh...thinks he knows everything. He fakes it
    2. Ann coulter..every other word from her mouth is anti-democrat
    3. Mikserg. Makes comments, but has no reading skill.

    May 20, 2014 at 4:47 am | Reply
  8. rupert

    @RZ. You're a walking book of statistics, aren't you? You must have been the biggest nerd in high school. Probably went to college and graduated phi delta something. Am I right?
    You didn't even go to your senior prom, did you?
    Well did you, punk?

    May 20, 2014 at 4:52 am | Reply
  9. rupert

    @ chrissy.
    Take a deep breath
    Stay calm
    And hit her!

    May 20, 2014 at 4:54 am | Reply
  10. rupert

    @ banasy. Come out, come out where ever u are, RAT!

    May 20, 2014 at 4:55 am | Reply
  11. rupert

    @ mikserg. Just looked at my watch, I am sorry to say, but you are still stu pid.

    May 20, 2014 at 4:57 am | Reply
  12. bambi

    Enough rupert. Go back to TJI where you belong. And apologize to those three kind people, please.

    May 20, 2014 at 5:04 am | Reply
  13. rupert

    Never!

    May 20, 2014 at 5:05 am | Reply
  14. Odoh sebastine.

    Rupert uhr ein dummkopf. Deine mutter ist ein dummkopf. Langhre yahre. Schwester und großvater alle dummkopf....nigerian

    May 20, 2014 at 8:25 am | Reply
    • rupert

      Ditto,my little German friend, ditto.

      May 20, 2014 at 7:53 pm | Reply
  15. chri§§y

    Lol derp. Dont sleep much do ya?

    May 20, 2014 at 9:15 am | Reply
  16. chri§§y

    Rupert = viener schnitzel!

    May 20, 2014 at 9:17 am | Reply
    • The 🕙 Scholar

      👍

      May 20, 2014 at 9:25 am | Reply
  17. palintwit

    Sarah Palin supporters are the very definition of low information voters. They watch Fox, a proven source of misinformation. Studies show Fox watchers think they are well informed but are really factually deficient.

    May 20, 2014 at 10:19 am | Reply
  18. chri§§y

    WHAT is wrong with you @ rupert??? Dazzle has not posted here.

    May 20, 2014 at 8:07 pm | Reply

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