Thaindian News

Washington, Sep 20 (IANS) The United States wants to see growth in major emerging economies like India and China over a sustained period of time as it strengthens the world economy and benefits the US too.

“I think one of the great strengths of the world economy, looking forward, is the prospects of a long period of very rapid growth in the major emerging economies, including China, India, Brazil, Russia,” US Treasury Secretary Tim Geithner told reporters Monday.

“And it’s very important that you see-we want to see that growth happen over a sustained period of time,” he said at a White House briefing when asked about what he saw as an appropriate role of BRIC nations in the global economic situation, especially in Europe.

“We will benefit as a country from the realisation of those very optimistic long-term growth prospects. We’ll export more. We’ll see more jobs created in the United States,” Geithner said.

“And we expect to be major beneficiaries as a country of that long boom we’re seeing. We want to see them contribute to global growth, and to do so in a way that’s more balanced and fair,” he said.

However, Geithner noted “they’re going to face different policy requirements than we in the United States because they’re in a very different situation.”

“But again, they’re a great source of strength for the global economy, and the faster they grow in the future, the more we’ll benefit as a country and the more balanced the global economy will be.”

America had a huge stake in helping Europe find a “more effective strategy” to tackle its financial crisis, Geithner said asserting that Europe had the will to combat its challenges.

“We have a huge stake as a country in helping them deal with those challenges. We have a huge economic stake, financial stake.

“So we are working very closely with them and being very supportive and as they try to craft a more effective strategy.
“Is there political will there? I believe there is.”

(Arun Kumar can be contacted at arun.kumar@ians.in