Lahore School of Economics

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Fall of the West and Rise of Asia: Global Shift in Production

Dr. Sirimal Abeyratne, the Professor of Economics at the University of Colombo gave a presentation on the “Fall of West and Rise of Asia: Global Shift in Production” in the Mahmood Chaudhry Library which was attended by senior faculty and large number of Economics students.

Dr. Sirimal explained in the session how the economy was changing over the years and the production was shifting from Western high income countries to the South Asian countries. During the economic recession in the early 21st century, while high income countries faced negative growth rates, Asian countries somehow still managed to grow significantly causing a global shift in production from advanced to developing countries. A larger portion of the growth was contributed by China and India.

According to Dr. Sirimal, Asia has been rising with rapid growth and export expansion, in which there has also been a change in economic power sharing in the world. Rise of Asia is linked not only to policy reforms since the 1980s, but also to global business cycles, resulting in relocation of production and capital. Dr. Sirimal concluded the presentation by saying that it is not that Asian countries are rising on their own, but advanced countries in the world are also behind the move.


posted by S A J Shirazi @ 4/01/2015 10:45:00 AM,

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