Remarkable economic transformation in India, China, says Bernanke

Written by Press Trust of India | Washington | Updated: Jan 16 2013, 06:31am hrs
Emerging markets like India and China are witnessing a remarkable transformation, despite a slowdown in economic growth, lifting millions of people out of poverty, Federal Reserve Chairman Ben Bernanke has said.

In emerging markets, you have a variety of different stories, but I think the fundamentals there, in the emerging markets, are pretty good, and even if theres some moderation of growth in some countries, we are seeing overall a rather remarkable transformation of places like China and India , which has been the biggest anti-poverty programme in history, he said on Monday.

The growth in those countries has lifted many millions of people out of poverty. So, I think growth will proceed in those areas as well, with each country, each regionLatin America, Asiadealing with different sets of issues, he said in his remarks on Monetary Policy, Recovery from the Global Financial Crisis and Long-Term Challenges Facing the US Economy at the University of Michigan, Ann Arbor.

Globally, he said, the different parts of the world that are facing slowdowns, each has to address its own set of issues.

In Europe, some progress has been made in addressing their sovereign debt and banking issues that they have. The European Central Bank has taken some major steps to try to stabilise the financial markets, he said.