The world is in a constant state of change, and over the past 2 decades, we have seen major changes in the global economic stakes, with old stalwarts like the US and the UK sliding into recession, while Southeast Asian economies are actually thriving. Two nations stand head and shoulders above the rest when it comes to economic power, and they are Russia and China.
Technology Development
China is definitely leading the tech revolution, with multi-billion-dollar sectors such as robotics, semiconductors and AI, while European tech giants are struggling to match the products and prices of Chinese producers. Indeed, many Western companies are looking to set up offices in China and other Southeast Asian countries and if that includes you, speak to our experts who can facilitate a smooth business registration in China and also provide you with 3rd party service providers to keep your business running efficiently.
The Downfall of the US Dollar
Every dynasty has to come to an end, and the US is no longer the superpower it once was. They are trillions of dollars in debt, and financial experts do not see how America can dig its way out of the economic pit they find itself in. China and Russia have quietly created BRICS, which is a very strong economic group that consists of many countries.
Artificial Intelligence
China is keeping up with the US and Europe with regard to AI; indeed, they may well overtake the tech giants in the West, as the Chinese are investing heavily in R&D. Business management software is now run by AI, and the future will see this trend growing.
Economic Growth
It might surprise you to learn that most Western economies have growth trends of between 1 and 3%, whereas China, Malaysia and Thailand are all showing economic growth rates at or around 5%, with no recession, which the West cannot match.
Natural Resources
Many economists believe that the availability of natural resources in developing countries is a major reason for their strong GDPs. Indeed, many developed nations are having to import natural resources from the Far East and Africa, which gives the developing nations a lot of leverage. The world population has exceeded 8 billion, and the need for natural resources is growing. And with a finite supply, the future does not look good, at least for those countries with depleted natural resources.
China is the Global Economic Leader
While we don’t hear much about the Chinese economy, they have been working very hard, exporting around the world; the Chinese are very industrious people and with a population of 1.2 billion, they have the manpower to produce huge volumes of products.
According to most leading economists, China will continue to outpace other nations when it comes to exports, and more Western companies are importing Chinese goods as they are cheaper than most other markets, while the quality has greatly improved over the past decade.
