We smelt the steel
to make the hammers
to dig the mines
to mine the ores
to smelt the steel
Update 2: Added a Youtube video
Updated 1: Added snark
Or does it mean that consumption should rise faster than the other components of GDP? Fine, but consumption’s share of GDP can’t increase forever. Eventually, consumption’s share will hit a ceiling, and the “consumption-led growth” – if this is what it means – will be gone.
On the other hand, we have the historical record:
Source For those with low screen resolution, the declining right hand curve corresponds to China — an aging population filled with households that would very much like to consume if they were given the chance to do so. And yes, that is a consumption figure of only 35% of GDP which is most likely an overestimate.