Asian Economic Dynamics and Power Shifts

Abstract

As we can see over the last few years, Asia has the fastest growing economies. There is a huge possibility of creation of a new international world system which is going to be led by either the BRICS countries, which has 4 Asian countries of the total 5 members. With the increased economic powers of the Asian countries, many economists worldwide have forecasted that the countries like China, India, Japan, Russia, UAE, South Korea and many others are going to surpass the American or the western system that is followed today. The world is on the verge of seeing a shift in the economic powers. The economies of the Asian countries are by their sheer size becoming economic giants. The countries have experienced a rapid growth in their economies since the 1960s. East Asian countries grew faster than the rest of the world for four key reasons: they have substantial potential for catching up; their geographical and structural characteristics by-and-large favourable; demographic changes following World War II; and their economic policies and strategies. Looking into all these perspectives, the paper will focus on, how the Asian countries are currently fast developing, their position at the global level and how they will determine the future course of world economy Vis-a-vis the west, and power shift at the global level.