The global market of 21^st century has become the most challenging since the inception of internationalization of world economies. With world super powers like U.S., China and some European countries namely, Russia, Germany etc., almost controlling the global economy, it is indeed extremely ambiguous to distinctly recognize one nation as most successful nation in terms of innovation/technology, trade and most importantly growth perspective. At this point of time, it is essential to assess that in years ahead which of these super powers will control or lead the global economy and find answer to questions like, who will be the global leader hereafter?, will it be one among afore mentioned nations or any other emerging nations?

Economic Perspective

Despite having Gross Domestic Product (GDP) of $ 15,076 billion, U.S, aftermath of financial crisis-2008, has not been able to recover itself significantly. With GDP growth rate of only 2 percent on year-on-year basis for fiscal year 2012 (quarter-on-quarter annualized), the country’s prospect for year 2013 is also expected not to be much optimistic. Having unemployment rate of around 8 percent for the year 2012, with inflation rate of above 2 percent, analysts and economists from around the world are forecasting a gloomy economy for U.S in the year 2013 as well. Moving on to Euro zone with GDP of $ 13,114 billion for year 2011, with GDP growth rate of negative 0.6 percent on year-on-year basis, the country is struggling to recover itself from the plunging economy. Despite desperate struggle of finance ministers and governments of key countries from the single bloc via restructuring economic integration and policies-reforms, the economy is showing no sign of recovery. Euro zone, facing severe debt crisis, is having unemployment rate of above 11.5 percent by ending months of 2012. The future of Euro zone for the year 2013 and thereafter is looking pessimistic, opine economists from Euro zone.

How China, emerging super economy with a marvelous GDP growth rate of around 7.4 percent on year-on-year basis for the year 2012, the Asia giant, is actually roping the world economy? The question may be quite confusing to many. With GDP of above $ 7,000 billion for year 2011, China has successfully controlled its inflation rate below 2 percent, showing the entire world that how well they are exercising their monetary and fiscal policies in a combined manner. It can be clearly observed, with unemployment rate of only around 4 percent for year 2012 and inflation rate of above 1.5 percent, China has efficiently managed trade-off between employment and rate of inflation.

Note: Above economic indicators are as of 02/12/2012 (Sources: IMF, World Bank and Governments)