Question

Make a few projections about where you see the global economy headed in 2035. Will there be greater concern for poor nations? Will the US and China hold their positions of dominance, along with the EU (non militarily). Is Africa the Next big thing? Or you could predict for 2025, or even 2020.

pick an agency (IMF, WTO, WHO) or trend or "economic vector-- say "carbon-- or nuclear fuels" and note where that might be headed. Are their any contenders for economic greatness who are below the radar now? 20 years ago, 1995, China was certainly a country on the move, but--check it out-- it was only a "FUTURE" economic superpower. Nobody predicted that it could sustain its growth rate as it has and fan out into Africa and Latin America, the least likely of targets for it.

answer must be at least 300 words.

add link of source obatained if possible please.

Answer 1

Today, economic power is what makes a country great and not military power. In the past it was all about how big a military a country has and the number of deadly tanks and aircrafts in its possession. In the cold war era, the western powers and erstwhile Soviet Union and its allies competed each other in developing and stockpiling weapons of all kinds. Eventually, Soviet Union collapsed and its allied countries slowly but steadily embarked on economic growth path rather than military one. They all realized prosperity lies in well being of its citizens through economic growth path and not military power. Imperial Japan and much of Western Europe already realized this in the aftermath of World War I and II.

In the last two decades or more, remarkable economic progress has been achieved by countries like China, Brazil and India so much so that the shift in economic balance is stated to be moving towards these countries in the next decade or so. It is China though which is in the center stage of becoming an economic super power by 2025 or near about. It was said that China would not be able to sustain its economic growth solely on its cheap labor force and boom in construction industry. There was also a time few years back when indeed economic slow down happened in China and its housing construction industry got stagnated. The Chinese were then quick to realize the need of the hour was to globalize and reach unheralded frontiers like in Africa, Latin America and also nearer home in Bangladesh, Pakistan and Sri Lanka.

Its strategy was enticing to the countries in these region. It offered soft long term loans to undertake major infrastructural projects like bridges, highways, railways, airports, dams, power plants, convention centers, shopping malls and government buildings. These countries found it was a win win situation for them as they had nothing to lose with the Chinese not only funding but also building and managing the projects. Only later they realized that they had fallen into a debt trap as the funding was not free and had to be repaid over a long period of time. The Chinese on the other hand could claim to sustained growth rate aided by its ventures in Africa, Latin America and South Asia.

Today, visiting any African country in the north and south of the continent will find hundreds of Chinese workers feverishly completing airport buildings, highways, flyovers and mega shopping centers among others. The Chinese have surely found avenues to its economic growth externally besides an already booming industrial base within the country. Most major automobile or electronic and electrical companies of the world have set up bases in China or have outsourced their productions.

The projects in Africa once completed could lead to it becoming the next power house of economic dominance as it would have the much needed infrastructure which it lacked despite sitting on natural resources of all kinds and in abundance.  

It can therefore be safely said that by 2025/2035 it will be the Chinese who will rule the world economically whereas Africa could become the biggest market for major corporations of the world.