We are experiencing a process in the global economy where the center of gravity is shifting from west to east in production, trade, finance, skilled labor, population, energy, and many other areas.
Namely;
It is observed that many production centers in the West have shifted to the East due to the necessity of low-cost production required to compete in world markets.
The young population necessary for economic power is in Eastern countries. It is a clear fact that the total population of Europe and the US is less than that of China, both in terms of dynamic young market potential and the active workforce within the population.
The insufficient skilled labor force required for production in the West, along with the slowing population growth rate, results in the shift of production centers to the East, where production predominantly takes place in Eastern countries.
The world's richest oil and natural gas resources are found in Eastern countries such as Russia, Iran, and Saudi Arabia. This wealth not only brings significant strategic advantages for Eastern countries but also presents an important opportunity for economic power if these resources are utilized correctly.
Eastern countries without energy resources, such as China and India, require more energy resources as they grow and develop. This situation leads to the flow of world energy resources to Eastern countries and the emergence of new energy routes along with new markets.
With the increasing production in Eastern countries, significant exports are being made to the world, especially by China. This situation not only redirects trade from East to West but also leads to efforts to establish new trade routes between the East and the West to increase trade.
Along with the developing and growing economies of the East, we also see a shift in finance from East to West and the emergence of new financial centers. Now, in addition to major financial centers such as New York, London, and Frankfurt, there are also new financial centers such as Dubai, Hong Kong, and Istanbul.
OBSTACLES TO THE BALANCE OF ECONOMIC POWER
Despite all these developments, there are significant obstacles to the change in the balance of power in the economy.
The inability of Eastern countries to form a unity similar to the EU and the fact that the currencies they use are not used as reserve currencies in the world, along with the existing power of Western countries in international economic institutions and organizations, slow down the speed of the shift of economic power from West to East.
After a century dominated mainly by the superiority of the West, the question of whether the change in the balance of economic power in the transition process will shift from West to East in this century is an important question.
