Noida. Nobel Prize-winning economist A Michael Spence has described India as a major economy with the highest potential growth rate, saying it has built the best digital economy and finance structure in the world so far. Spence, who was awarded the Nobel Prize for Economics in 2001, said this while interacting with students and teachers at Bennett University located in Greater Noida on Monday. He said, India is currently the major economy with the highest possible growth rate.
India has successfully developed by far the best digital economy and finance structure in the world. It is open and competitive and provides an inclusive range of services over a wide area. According to a statement issued by the university, Spence also said that the world is currently experiencing a change in the governance of the global economy. Referring to the evolution of the global economy after World War II, Spence said the 70-year-old global system is being fragmented by pandemics, geopolitical tensions and climate shocks.
He said the global system built on economic paradigms such as global supply chains, centered on ideas of efficiency and comparative advantage, is undergoing rapid change. There is no point in having a single source in a world sensitive to shocks, he said. He said that a fundamental change is taking place in the global economy with the center of gravity shifting towards the eastern world.
This is diversifying supply chains and making global governance more complex than ever. The renowned economist said that despite challenging times, there is optimism when counter-measures are taken to enhance human welfare. He also mentioned changes like ‘generative AI’, revolution in biomedical life sciences and large-scale energy transition.
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