Is economic balance is shifting from west to asia.
 

Is economic balance is shifting from west to asia , after the rapid growth of china and India, how will it hit TODAYS SUPER POWER , USA in the upcoming period. Discus with you analytical style to unleash the fact.

[QUOTE=Jamila fatima;599954]Is economic balance is shifting from west to asia , after the rapid growth of china and India, how will it hit TODAYS SUPER POWER , USA in the upcoming period. Discus with you analytical style to unleash the fact.[/QUOTE]

Economic power shifting to the East from The West has become one of the most popular debates.

Asian Case:
China has become the centre of global manufacturing,while India has become international hub for global service industries with gigantic IT and outsourcing exports of more than US$ 50 billion.
Besides it, the emergence of Thailand,Indonesia,Pakistan and Vaietnam as manufacturing bases is playing a vital role in the shifting of power.

Coming to economic indicators,Asia Pacific *accounts for 40% of the world economy,Europe comes second and North America third. Chunk of 67% of Asian GDP comes from three countries China,India and Japan and it is predicted that Asia will be main driver of global growth over the coming couple of decades.

At this,the factor that must be taken into account is the collective rise of emerging countries which is the most significant change and the most important force in the global economic affairs.
China is the world's second largest economy and may predict that its GDP will soon surpass the GDP of US. IMF says that on the basis of PPP China's GDP will overtake that of US in 2016.

Despite these facts,many analysts believe that developed countries should not lose their sleep over this. They believe that despite the rapid economic growth of developing countries they don't have much of a say still in global political and economic affairs,they are still far behind the developed countries in over all capacity,international outreach,institutional building and economic and social growth. They also face global issues that are of fundamental importance in development.

Besides China's rising power,it has huge population and frequent natural disasters,there is an increasing gap between Eastern China and Western China ,urban,rural regions and the rich and the poor.
China also has ageing population,they need to take care of. China therefore would need to invest big to improve healthcare,education and housing.

What makes the power to shift *does not only depend upon military and political influence but also being at the top of economic,scientific and cultural pyramids is of supreme importance.

West's Case in next thread.

*Stay blessed