Erin Burnett has been travelling the globe in search of the market movers of tomorrow. So far she has been to Dubai, will be in Mumbai, India tomorrow and goes to London next week. Here is a comparison of the economies of her first two visits.
Both India and the United Arab Emirates (Dubai is one of the Emirates) have had incredible growth with the IMF projecting more than double-digit GDP growth for each country in 2008. However, with the dramatic differences in population sizes the distribution of that growth becomes a story of national vs. individual wealth. India has a $1.2 trillion economy, but with its 1.1 billion people, the per capita GDP is ~$1,100. In contrast, the UAE is one sixth the size of India in GDP but with 5 million people, its per capita numbers are over $50,000.
The Bombay Stock Exchange's SENSEX Index closed today at 17,353 up 2.2% for the day but down 14.5% YTD. Some SENSEX constituents that trade in the US include:
- Infosys Technologies
- HDFC Bank
- ICICI Bank
- Tata Motors