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From West to East: A Transition of Power?

It has been a long roller coaster ride for the world to take the path for economic recovery. Economists can’t even tell a concrete duration when will the crisis ends. For past weeks, as the stock markets start to bounce back, currencies devalue the safe havens, US dollar and Japanese Yen, road to recovery is a common sentiment for all.
Demand for commodities helps top exporting countries of commodities to gain back their losses. According to Bloomberg Television, it was on March 9, 2009 when the WORST day for the world economy reaches decade lows as plenty companies shut down their factories and plants to reduce expenses, this result to millions of people are losing their jobs around the world.

"Developed World" is the undeniably the roots of this global fiasco, when the real state business in Wall Street headed to ground followed by the collapse of the Lehman Brothers in England in September 2008. It is a chain reaction, financial giants struggles which cause incipient countries to be affected.

On the side of the eastern part of the globe, which most are still "DEVELOPING" , are also battered by this global economic downturn, however, it can be noted that there is at least lesser effect on them, except for Japan, Hong Kong and Singapore, - which until now is suffering from massive losses.

There are speculations on the “transition of power” giving the throne to Asia. The idea starts when CHINA shows a rapid growth in their economy which is about 12.5%, compared to the western power which is 0 to 5% only. This gives analysts to project the world ranking by at least 20-50 years from now. If you do arithmetic, it shows that China will overcome today’s economic giant -United States- which for now is almost three times larger than its runner up. -Japan.

However, since the crisis began, developed countries experienced a negative growth, and a slowdown for emerging countries.

There are two ways in computing the GROSS DOMESTIC PRODUCT (GDP), which made a long argument among economists, traders and analysts. 1. NOMINAL 2. PPP (purchasing power parity)

However, nominal is the most commonly used for economists to make the ranking. The latter however is use in more technical comparison, since it includes the inflation rate, currency exchange and other vital information.

For 2008, The ranking for the World’s Top 15 LARGEST ECONOMY (GDP nominal)

1. United States
2. Japan
3. China
4. Germany
5. France
6. United Kingdom
7. Italy
8. Russia
9. Spain
10. Brazil
11. Canada
12. India
13. Mexico
14. Australia
15. South Korea

We all know that GDP (Gross Domestic Product) is the sum of all goods, trades, products, investments, revenues of a country in a given time. It can be quarterly or annually. Above ranking is for year 2008.

To determine the world’s WEALTHIEST country, which I believe one of the standards to become "DEVELOPED COUNTRY" GDP will be divided by the total population. So for above the countries GDP 2008 will be divided by their total population on 2008(not only those who are in the workforce). The quotient will be their GDP per Capita. The quotient will then be assessed. If I am not mistaken, at least 25,000 should me met.

Other standards include infrastructures, poverty rate, unemployment rate, political stability, well-regarded university, literacy rate, crime level, occurrence of natural disaster, sanitation and the likes.

Comparison: Which do you think is wealthier? A country with total output of ,000,000 with 1,000,000 people?

Or a country with an output of ,000 with 100 people?

THAT’S IT!

On recent news, however, China is regarded to save the world by years to come. While China is the 3rd largest economy in the world up-to-date, (surpassed Germany in late 2008), China remains a developing country, with low GDP per capita, high level of violation, and percentage of the population living below the poverty line. Outside Shanghai (its financial capital) and Beijing (country’s capital) people are poor with lesser civilization. With its huge population, the country is one of the most densely populated that makes social issue beyond its border, and other contemporary issues towards its government, people, etc. (Ex. Bird Flu, and the Contamination of Milk) Hong Kong is an autonomous region of China.

Trivia: China is one of the 1st or 2nd most populous countries in the world with at least 1.1 billion people making MANDARIN as the world’s most spoken language than any ANGLOPHONE countries combined. (U.S, U.K, Canada, Australia, New Zealand, Philippines etc.). However, English remains to be the supreme language of intellect, making English to be the international language, especially for business, spoken even by Chinese. But it’s rare to see American or British to speak Mandarin, isn’t it?

While China is said on its road to be the world’s superpower, lots of criticisms and justifiable words are

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