'Global economy shifting eastwards'
Fri, 21 Jan 2011 12:57:50 GMT
The dominance of the West over the global economy will decline as the economic power is moving eastward, says a Professor of Binary Economics.
In an interview with Press TV, Rodney Shakespeare predicted a gradual transition of the current 'uni-polar' world to a 'multi-polar' one.
“India and Indonesia will help China in creating a new world order,” added Shakespeare.
The possible political outcome of the shift in global economic power will be that of “a change of balance of forces in the world.”
Some economists predict the course of the 21st century to be determined by the nature of the US-China relations.
China's share in world merchandise imports increased from 6.9 percent in 2008 to 7.9 percent in 2009, resulting in China becoming the second largest world importer. China, Germany and the United States remain well ahead of other countries in terms of the total value of imports and exports.