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As NetVISIONS Global, we integrate business with technology. Today's article will notify you on the future great nations! Enjoy the infor!!
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The balance of the world economic power has begun to shift from long established superpowers like China towards some countries that you might not be aware of as of now. We could be noticing a change of economic powers & this article shall highlight to you the causes behind the shift.

Lemme start by giving you a bit of History of what led to the rise of China before I share with you how other superpowers are now being created;

It started in the 1960s when China began shifting its economic policy from communism towards capitalism. They aligned their policies to be conducive for massive economic productivity which attracted most captains of industries to source their supplies from China.

In the 1980s, many Fortune 500 companies bagan having their products manufactured in China. China could manufacture high quality products but for a substantially lower price than those manufactured in the West. This was largely due to the extremely low wages paid to Chinese workers and other factors like favourable tax laws and import-export efficiencies. This led Chinese manufactured products to have a competitive advantage over other goods produced elsewhere. Most suppliers with products outside China were running out of business and failing to reduce their prices to compete with products produced in China. This increased the productivity of Chinese industries & hence the country’s GDP.

By 2010, almost ⅓ of all products on this planet were manufactured in China. The rise in GDP of China resulted in the increase in per capita income of the nation.

What happened then is that the rise in per capita income in China resultantly led to a considerable increase in the salaries & other costs of production for products manufactured in China.

The rise in prices of salaries & other factors of production resulted in a considerable increase in prices of products produced from China & hence a considerable loss of market share or market dominance in other countries which were traditionally importing from China. In 2016, China’s manufacturing output decreased by 2%, according to the UNIDO World Manufacturing database. This was further hindered by the imposition of tariffs by the US government for imports from China which resulted in a 7% decrease of imports to the US which had been China’s biggest export market.

As you can see, China’s rising labour costs, geopolitical tensions and the Covid-19 pandemic strained the Chinese economic benefits it enjoyed. According to Bloomberg (2020), the Covid-19 pandemic resulted in many countries like Japan & USA promoting their local industries thereby hindering the markets of China.

The immense economic powershift currently underway. Power is shifting toward multifaceted and amorphous networks composed of state and non-state actors that will form to influence global policies on various issues. The biggest beneficiary by countries are Asian countries like India, Vietnam and Mexico.

Meanwhile, we observe Africa as the biggest consumer, with a huge potential for growth.

Sources:
https://www.bloomberg.com/news/articles/2020-04-08/japan-to-fund-firms-to-shift-production-out-of-china

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