Chart 3 – Shares of world GDP and population 2010 figures  GDP at market prices  EU-27, 26%  US, 23%  Apac G10*, 27%  Other, 24%  Population  Apac G10*, 46%  EU-27, 7% US, 5%  Other, 43%  *: Apac G10: Asia-Pacific G10, including Australia, China, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Taiwan Province of China and Thailand. Source: IMF World Economic Outlook, World Bank and Eurostat. The pattern of the past thirty years has, therefore, been of a successful Asian model of development spreading out and encompassing a wider range of countries with larger populations and becoming more self-sustaining. The most likely scenario is that this pattern will continue over the next 20–30 years as the strong economic fundamentals which have supported high rates of growth in recent decades continue to enable productivity levels and living standards to catch up with the West. As chart 3 shows, the ten leading economies in the Asia-Pacific region are home to nearly half of the world’s population. And yet they still account for only just over a quarter of world GDP. This shortfall largely reflects the relatively low average living standards in India and China, which together account for over a third of the world’s population.
Andrew Sentance: The challenges of the “New Global Economy” Speech by Mr Andrew Sentance, External Member of the Monetary Policy Committee of the Bank of England, at the Jersey Chamber of Commerce, St Helier, 25 May 2011. All speeches are available online at www.bankofengland.co.uk/publications/speeches. *  *  *  I would like to thank Adrian Chiu for research assistance and I am also grateful for helpful comments from other colleagues. The views expressed are my own and do not necessarily reflect those of the Bank of England or other members of the Monetary Policy Committee. It is a great pleasure to have this opportunity to speak here today at your Annual General Meeting lunch and I am extremely grateful to Ray Shead and the Jersey Chamber of Commerce for inviting me and helping to arrange this visit. For you here in Jersey, this event is a first – as I believe it is the first major speech which a member of the Bank of England Monetary Policy Committee has given in Jersey or any of the other Channel Islands. Hopefully I am blazing a trail for my MPC colleagues to follow in the future! For me, however, it marks the close of a chapter. This is my last public speech as a member of the Bank of England Monetary Policy Committee (MPC), as my term in office comes to an end this month.