Despite Slowed Chinese Growth, Global Economic Power Continues to Shift Toward Asia

Dec 26, 2023 | 15:41 GMT

(thitivong/Getty Images)

Recent concerns about China's growth outlook notwithstanding, China and other emerging Asian economies' rising share of global output will continue to come almost entirely at the expense of Group of 7 (G-7) countries, meaning that global economic power, or at least income shares, will shift toward East Asia and, less so, South Asia in the coming decades. Despite a flurry of recent media coverage on China's economic challenges, projections from the International Monetary Fund (IMF) and other forecasters illustrate a long-term trend of shifting economic output from the West to the East. In the 1980s, the world's leading industrial nations in the G-7 (the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom) accounted for 50% of global GDP on a purchasing power parity basis. But as of 2022, G-7 countries' share of global output had fallen to 30%. By contrast, emerging and developing economies today comprise almost...

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