Indian economy to overtake China’s

■ The Indian economy will overtake China in 2048 to become the world’s largest economy, according to Professor Douglas McWilliams, Mercer’s School Memorial Gresham Professor of Commerce. In last night’s inaugural lecture, McWilliams, predicted that Chinese growth, which is already slowing, will decline to around four per cent during the 2020s. He attributes part of the emerging economies’ success to the longer working hours, noting that the average Singaporean works 2,307 hours a year, while Hong Kong residents work 2,287 hours. The Britih average is 1,625 hours a year. Mcwilliams says if Western economies do not adjust their policies to match those in the East they risk sliding “in the same way that Greece now has into first stagnation and then economic collapse.”