At present, the majority of the world’s economy is under the control of Western countries. Over 65% of the world’s wealth is in Western countries, while the remaining 35% is in Asian and African countries. On the contrary, the total population of Western countries is quite limited. Only a billion of the world’s population lives Europe, while almost 4.5 billion people live in Asian countries. That is why Asia needs large economies to provide healthcare, food, and education for their citizens. Sooner or later, Asia’s economy will overtake the West and Europe.
India is rapidly increasing its military power
Most Asian countries have huge populations, and they are now converting them into manpower. For example, China and India are educating their citizens and fulfilling their demands. Although their internal demands are fulfilled, there are many highly skilled experts there. As a result, they are now exporting their expertise to Western countries and receiving large amounts of remittance in return.
Asian countries such as Japan, South Korea, Vietnam, Malaysia, and Indonesia are advancing in various technical fields. In recent years, Malaysia has exported more than the United States of America. China and India are producing software and new technologies such as laptops, smartphones, air conditioners, and televisions. Even China is now producing electric cars. Xiaomi electric motors have overtaken Tesla in terms of the number of electric vehicles sold.
What are the possible risks for the Asian economy?
Currently, the total GDP of Asia is around $40 trillion, and the economy is growing rapidly. According to the IMF, by 2035, China will surpass the USA and Europe. However, some possible problems might hinder the progress of the Asian economy. These issues will be much worse for countries like China, Japan, South Korea, Turkey, Saudi Arabia, and India.
One of the biggest possible drawbacks is that most of these countries are suffering from brain drain. This is especially prevalent in countries like India, China, Pakistan, Bangladesh, Turkey, and Indonesia. In recent years, over one million highly skilled Indian experts have relocated to Europe and the USA. They study in their home country without spending much money but end up serving Western countries. For example, Sundar Pichai studied in India and is now working for Google.
Bangladesh is suffering from a severe economic recession
The declining population growth in China, Japan, South Korea, the Philippines, and Bangladesh is a growing problem for Asia. The previous year, Japan witnessed its largest-ever population decline. A similar trend is happening in China and the Philippines. The sudden collapse in population growth will hinder these countries’ economic development.
Regional conflicts will also play a significant role in hindering the current growth of the world economy. Currently, we are witnessing fighting between Syria and the Kurdish region. In the future, the China-Taiwan conflict might open the doors for Western countries to invade Eastern countries, and China is extremely aware of this. That’s why they are increasing their military budget to tackle possible regional threats.
The future economy will be in Asia’s hands
Currently, the United States of America is controlling the world with its huge economy and strong military power. However, a new competitor of the USA has already arisen. The country is China, both economically and in terms of military power. A majority of the world is now moving to China to import goods and technologies. Asian countries have already aligned with China.
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In addition, the rise of high-skilled Indian and South Asian doctors and engineers has led many of them to decide to stay in their home countries. This is happening due to rising discrimination against them abroad. The IMF and World Bank predict the world economy will double by 2040, and China, India, Japan, Saudi Arabia, Egypt, Turkey, Pakistan, and Bangladesh will lead the global economy.
If Asian countries can maintain good diplomatic relationships among themselves and avoid regional conflicts, it would create a great opportunity for them to surpass the West. However, to achieve this, Asia needs to address all the problems it is currently facing. Only then will it be possible to overtake the West and Europe.
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