US treasury secretary Timothy Geithner on Wednesday identified India, China and Brazil as countries that will experience rapid growth in the coming decades, which he said would provide "consistent strength" to the American economy.
"It is very likely you're going to see India, China, Brazil - the most populous countries of the world - grow very, very rapidly in the coming decades. I think you're going to see that (will) be a consistent strength for the US economy," Geithner said at the America in the Global Economy Summit.
The Obama Administration has set an ambitious target of doubling its exports in ten years.
"The most important thing that will determine the pace of export growth over a five-year
period of time is how fast the world grows," he said.
"But US export growth has been really very strong in the earliest days of the recovery and I think it's encouragingly strong because it's happening across the American economy, from agriculture through manufacturing, to all the high-tech stuff and services," Geithner said.
"That shows, again, one of the great fundamental strengths of the United States, which is that because productivity growth has been so high here, because the basic dynamics of innovation are so strong, our financial system, even with the mess of the crisis, is still really better than any system in the world at allocating capital to innovators to support growing companies," he said.
Image: US treasury secretary Timothy Geithner
