Putting this ‘staggering collapse’ in growth into context, at 7.5% China’s consumption of goods and services would double in just over 9 years and putting this in the OPE 1=P*C*I results in a required reduction in resource intensity by 2050 from at this time of 1.15*1.075 to the power 42 = 24. this a big improvement over the 63 of 10% growth but assumes we have not exceeded resource and sink constraints already, which many would argue we have. Based on UN98 Medium Varient Population Growth Rate Scenario
LONDON (Reuters) – Recession in Germany and a slowdown in China painted a bleak economic picture on Tuesday, a backdrop which top miner BHP Billiton cited in abandoning a mega-bid for Rio Tinto.
Wary of the effects of the worst financial crisis in 80 years, BHP Billiton called off its $66 billion hostile bid for rival Rio, catching markets off their guard.
“We have concerns about the continued deterioration of near-term global economic conditions, the lack of any certainty as to the time it will take for conditions to improve and the risks that these issues imply for shareholder value,” BHP Chairman Don Argus said in a statement.
China, the world’s biggest consumer of many metals, this month unveiled a 4 trillion yuan ($586 billion) spending package to prop up its economy, but growth would still likely slow to around 7.5 percent in 2009, the World Bank said.
That could be China’s slowest growth rate since 1990.