Corona Virus and the Future Economy of the World

Given the ongoing Corona virus and it’s tremendous global economic impact, their is a lot of debate if the USA can retain it's position worldwide or whether a new superpower will emerge.

I believe the upcoming US elections are crucial. If an experienced politician and good administrator will replace Donald Trump, USA may retain its position although the next two years might be difficult even for the next President.

I strongly believe China has lost its stronghold due to Corona Virus. They have lost their credibility especially in the Western countries who are the big importers of Chinese goods. Their biggest strength is manufacturing and construction which will be impacted and will have trickle down effect on the Chinese economy. 

Recent data shows that 59 of the biggest manufacturing companies between April 2018 to August 2019 have shifted their base from China to Vietnam, Thailand, Taiwan, India, Philippines etc. Studies show that one major reason behind this ”dictorial system /attitude." In the past, USSR lost the battle to USA due to its dictatorship however we are all aware that USSR was disintegrated into many small countries due to governance and policy issues. 

Since 1990, we have been hoping and believing that by 2020 that India will become a superpower. We have the people, strength, energy - the right mix of power and candor to emerge as a strong nation. 

We were in fact moving in the right direction as well but unfortunately we lost sight in all but the last 6-7 years due to regressive religious politics, bad economic policies (demonetization, wrongly implemented GST, increase in unemployment), lack of execution of policies, etc.

In last few years Govt. of India has extended the line of credit to Mauritius, Bangladesh, Bhutan, Nepal, Cambodia and many more countries. However, only 3 or 4 big corporations who are presumably close to the current government were allocated projects against these lines of credit. This has resulted in wealth further being accumulated only within these 3-4 corporate families. This has further widened the economic gap in our country. 

In order to become a great nation and economically strong a transparent and effective government is essential. I would again like to reiterate that I believe that the future world economy will be driven from Asia and countries like South Korea, Japan, Singapore will play a major role. 

Jai hind.

Manoj joshi