The rise of developing Asia and the new economic order
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.
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- 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.
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- 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.
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