Summary
In the article, the author writes many interesting views on alteration in economy which may take place in the future and gives some comparisons between some famous countries.
Soergel predicts that the global economy will shift seismically from the present condition. Therefore, he argues three main alterations in the article.
First one is that though U.S. may still retain its status in the global economy in the following several years, by the time of 2031 it will be surpassed by China with a gross domestic product valued＄35.26 trillion. The reason why U.S. can cling to its position is because software becomes more and more significant which may reinforce America’s position as a technological leader. However, John Canally, a senior vice president and chief economic strategist at LPL Financial, said that China’s GDP is worse than 6 or 7 percent that they report, so there is no doubt that China’s growth will slow down so they will try their best to make sure that the economy at least will stabilize next year.
The second change is that some members of the G-8 may be likely to be less fortunate. That is why Soergel mentions that the British center of economy and business research said that the world’s slowest-growing region over the next decade and a half will be western Europe. The author uses some data to show that these weaker European countries like France and Italy may slip down their ranks in 16 years later compared with their present ranking in the global economic entities. Moreover, the author points out that these countries may be excluded from the G-8 as their economy continuously underperformed.
The last variation is that some countries’ great development. For example, in the article the author indicates that the United Arab Emirates is expected to crack the top 30 largest economies in 2031. Meanwhile, some Asian nations like Philippines, Indonesia and Malaysia will achieve a great promotion economically. Yet the author mentions that the biggest mover is India, for it has already eclipsed China in some financial indexes.
