The Rise of Developing Asia and the New Economic Order

25 Pages Posted: 4 Aug 2011 Last revised: 12 Nov 2011

See all articles by Dale W. Jorgenson

Dale W. Jorgenson

Harvard University - Department of Economics; National Bureau of Economic Research (NBER); Harvard University - Harvard Kennedy School (HKS)

Vu Ming M. Khuong

National University of Singapore (NUS) - Lee Kuan Yew School of Public Policy

Date Written: July 7, 2011

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 1975-6. 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.

Keywords: growth, information technology, investment, productivity

Suggested Citation

Jorgenson, Dale W. and Khuong, Vu Ming M., The Rise of Developing Asia and the New Economic Order (July 7, 2011). Journal of Policy Modeling, Forthcoming, Lee Kuan Yew School of Public Policy Research Paper No. PP11-21, Available at SSRN: https://ssrn.com/abstract=1904716

Dale W. Jorgenson (Contact Author)

Harvard University - Department of Economics ( email )

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Harvard University - Harvard Kennedy School (HKS) ( email )

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Vu Ming M. Khuong

National University of Singapore (NUS) - Lee Kuan Yew School of Public Policy ( email )

Singapore 117591
Singapore

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