From the Resonance Asian News Division:
- A Goldman Sachs study predicts the economic output of Brazil, Russia, India, and China will surpass that of the G6 (G7-Canada) within 40 years.
- Some of this growth will come at the expense of America jobs, if Intel chairman Andy Grove is correct. Grove warns
that India’s software and technology-service job market could grow larger than the same market in the United States by 2010, because America continues to send work overseas at an alarming rate.
. . .The two key drivers of the U.S. economy the last 20 years — tech and services — could face a fate similar to that of the U.S. steel industry, which had 90% of the world’s market share before falling to 10% and never recovering, Grove points out. In a more recent example, the nation’s 90% share of the world’s computer chip market fell to 50% in the 1980s after Japan took advantage of weaknesses in U.S. strategy. Today, most computer chip manufacturing remains overseas.
Buttressing his argument, Grove reminded that the U.S. economy is improving, but the tech job market is not, as hundreds of thousands of jobs have gone to other countries the past two years, and millions are expected to exodus during the next 10. One in 10 jobs at U.S. information technology vendors is expected to move offshore by next year, according to the Gartner Group and the Post.
- In China, excitement is mounting for the country’s first manned space expedition.