{"id":19999,"title":"The Global Economic Balance of Power is Shifting","link":"https:\/\/bst-europe.eu\/de\/globalization\/the-global-economic-balance-of-power-is-shifting\/","date":"25. Juli 2018","date_unix":1532550004,"date_modified_unix":1584458063,"date_iso":"2018-07-25T20:20:04+00:00","content":"
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Photo by chuttersnap on Unsplash<\/figcaption><\/figure>\n

In recent years, GDP has grown at much higher rates in emerging markets such as China and India than in Western industrialised countries. In the advanced economies, fears of being replaced are increasing. This may be true in the long term, but in the near future, industrialised nations of the West will remain those with the greatest economic power. <\/i><\/p>\n

Distribution of global economic power in 2018<\/h2>\n

In 2017, global gross domestic product (GDP) was equivalent to just under 80 billion U.S. dollars. Twenty-six percent <\/strong>of this is attributable to American and Canadian GDP<\/strong>. The European Union (EU)\u00a0<\/strong>at 17.3 billion USD<\/strong>, generated almost 22 percent.\u00a0Japan\u00a0<\/strong>accounted for 6 percent. <\/strong><\/p>\n

By comparison, China<\/strong>, the world’s second largest economy, generated 15 percent <\/strong>of global domestic product with a GDP of 12 billion USD\u00a0<\/strong>and all the rest of the world only 30 percent combined.<\/p>\n

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Why are advanced countries concerned?<\/h2>\n

The USA, Canada, the EU and Japan<\/strong>currently account for more than half of global GDP\u00a0<\/strong>despite, with around one billion inhabitants, only having 13.3 percent of the world’s population<\/a>. While 54 percent of global GDP seems high, as late as 2005, they accounted for more than 70 percent of global economic output.<\/p>\n

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Outlook for the Global Economic Balance of Power through 2023<\/h2>\n

The International Monetary Fund regularly carries out calculations covering the global economic development for the next five years. To get a feeling for the economic shifts in power in the coming years,\u00a0 compare the G7 and E7 countries:<\/p>\n