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The rise of developing Asia and the new economic order

Author

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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 1975â76. 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.

Suggested Citation

  • Jorgenson, Dale W. & Vu, Khuong M., 2011. "The rise of developing Asia and the new economic order," Journal of Policy Modeling, Elsevier, vol. 33(5), pages 698-716, September.
  • Handle: RePEc:eee:jpolmo:v:33:y:2011:i:5:p:698-716
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    References listed on IDEAS

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    1. Dale W. Jorgenson & Mun S. Ho & Kevin J. Stiroh, 2008. "A Retrospective Look at the U.S. Productivity Growth Resurgence," Journal of Economic Perspectives, American Economic Association, vol. 22(1), pages 3-24, Winter.
    2. Jorgenson, Dale W. & Vu, Khuong M., 2010. "Potential growth of the world economy," Journal of Policy Modeling, Elsevier, vol. 32(5), pages 615-631, September.
    3. 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.
    4. Dale W. Jorgenson, 2001. "Information Technology and the U.S. Economy," American Economic Review, American Economic Association, vol. 91(1), pages 1-32, March.
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    Citations

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    Cited by:

    1. Das, Gouranga Gopal, 2015. "Why some countries are slow in acquiring new technologies? A model of trade-led diffusion and absorption," Journal of Policy Modeling, Elsevier, vol. 37(1), pages 65-91.
    2. 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.
    3. repec:dgr:rugggd:gd-137 is not listed on IDEAS
    4. Marcel P. Timmer & Ilya B. Voskoboynikov, 2014. "Is Mining Fuelling Long-Run Growth in Russia? Industry Productivity Growth Trends Since 1995," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(S2), pages 398-422, November.
    5. Aktoty Aitzhanova & Shigeo Katsu & Johannes F. Linn & Vladislav Yezhov (ed.), 2014. "Kazakhstan 2050: Toward a Modern Society for All," Books, Emerging Markets Forum, edition 1, number kazakh2050, August.
    6. Lilas Demmou & Andreas Wörgötter, 2015. "Boosting Productivity in Russia: Skills, Education and Innovation," OECD Economics Department Working Papers 1189, OECD Publishing.

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