nope. check the growth rates (in %) of China and India, compared with USA, Japan and Europe.
In Chinese, they call it "yi ge tian, yi ge di".
yes. to illustrate what i mentioned, growth rate is calculated as the change in the current period's GDP (or whatever you are measuring) against the previous period.
china and india have been producing way below the frontier of what is possible using existing technology and knowledge. this is the only reason why a surge in growth is possible.
developed nations (also like what i have mentioned) are already producing close to the maximum potential of technology and labour practices. for developed nations to grow it would take industrial innovation, as they have already exhausted the constraints of technology and skilled labour.
for growing nations such as china and india, no innovation is required because all they need to do is use technology and skills that are already available, and put their resources that have been underutilised to work.
in financial terms, investors benefit/lose from the CHANGE in GDP (growth) rather than the GDP levels themselves. but it doesn't make sense to use the way the growth of a nation is financed to measure its state of development.
take singapore for example; at the rate at which growth is falling, and inflation rising, we will hit a recession soon. all the government is trying to say is "it's not a recession yet". but does a lack of growth tell the story of singapore's current state of industrialization? mah bow tan says, bring it on.