Md. Joynal Abdin
The Financial Express on November 14, 2009
THE world saw the rise and fall of many political and economic powers. Arab economic and political power also grew and fell. Much later, the British, French and other European powers thrived on colonisation.
The rise of American economic and military power after the Second World War coincided with the relegation of the British as the dominant world power. Probably, US economic supremacy is coming to an end. Now the question is, where the world’s economic supremacy is shifting? To better organised EU or the largest continent, Asia? Which is the next destination of economic supremacy?
Representing 27 countries, Europe is the birth place of industrial revolution. But Asia has economies like China and India, besides Japan, a post world war economic power. Singapore, Hong Kong, Malaysia and the Middle East also have considerable economic power.
A recent study shows, Asia’s output now roughly equals that of Europe or North America, and could well be 50 per cent larger than theirs by 2020, in terms of purchasing power parity. Asia’s major advantages include its large and competitive work force, and surplus investment resources.
It is more likely for Asia to be the next global economic power house.