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The rise of developing Asia and the new economic order

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  • Jorgenson, Dale W.
  • Vu, Khuong M.

Abstract

This paper identifies emerging trends in the world economy during the next decade. The first is that China will overtake the U.S. in terms of gross domestic product (GDP), ending more than a century of U.S. leadership as the world's largest economy. The second is that Developing Asia, excluding Japan, will overtake the G7, a group of the seven largest industrialized economies established in 1975–76. Finally, India will overtake Japan, Russia will overtake Germany, and Brazil will overtake the U.K., leading to a New World Economic Order: China, the U.S., India, Japan, Russia, Germany, and Brazil.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Policy Modeling.

Volume (Year): 33 (2011)
Issue (Month): 5 (September)
Pages: 698-716

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Handle: RePEc:eee:jpolmo:v:33:y:2011:i:5:p:698-716

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Web page: http://www.elsevier.com/locate/inca/505735

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Keywords: Growth Information technology Investment Productivity;

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References

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  1. Dale W. Jorgenson & Mun S. Ho & Kevin J. Stiroh, 2007. "A retrospective look at the U.S. productivity growth resurgence," Staff Reports 277, Federal Reserve Bank of New York.
  2. Dale W. Jorgenson & J. Steven Landefeld, 2006. "Blueprint for Expanded and Integrated U.S. Accounts: Review, Assessment, and Next Steps," NBER Chapters, in: A New Architecture for the U.S. National Accounts, pages 13-112 National Bureau of Economic Research, Inc.
  3. Dale W. Jorgenson, 2001. "Information Technology and the U.S. Economy," American Economic Review, American Economic Association, vol. 91(1), pages 1-32, March.
  4. Jorgenson, Dale W. & Vu, Khuong M., 2010. "Potential growth of the world economy," Journal of Policy Modeling, Elsevier, Elsevier, vol. 32(5), pages 615-631, September.
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Cited by:
  1. Vu, Khuong M., 2013. "Information and Communication Technology (ICT) and Singapore’s economic growth," Information Economics and Policy, Elsevier, vol. 25(4), pages 284-300.
  2. Timmer , Marcel P. & Voskoboynikov , Ilya B., 2013. "Is mining fuelling long-run growth in Russia? Industry productivity growth trends since 1995," BOFIT Discussion Papers 19/2013, Bank of Finland, Institute for Economies in Transition.

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