Manufacturing industries have helped drive economic growth and rising
living standards for nearly three centuries, and for some developing
economies (as McKinsey notes in a recent report) continues to do so.
Things are changing, however, as manufacturing output (as measured by
gross value added) grew by 2.7% annually in advanced economies and 7.4%
in large developing economies (from 2000 up until 2007); the leaders are
changing rapidly China, India and Russia rise and Germany, Japan, UK, and Canada are sliding. The following chart simplifies the evolution of global manufacturing economies over the last four decades.
Source: McKinsey
Article Source: Zerohedge
Source: McKinsey
Article Source: Zerohedge