Trend Setters of GLOBAL ECONOMY
Chinas economy has played major role in the world economy. China produced large numbers of growth and export items all over the world. By making progress in every field Japan become the second largest economy. The Chinese economy badly hit because of the financial state of other countries is not good. They cannot import items especially Asian countries because such countries are not earning good so financial state is badly effect. China maintained the global growth rate with partnership with many developed countries but failed to exceed in large way. China earned very much in last four to five years. Now share of China in world exports has risen to around ten percent. Germany has made a large progress in economy. Germany which earn large amount of economy than United States. China exports large number of items machinery including data processing equipment apparel textiles iron steel medical and optical equipment. While it’s major imports include electrical machinery oil and mineral fuels, metal ores plastic and organic chemicals. Chinese financial condition was affected by USA because USA reduced the prices of Chinese products to lower the financial state of China. Most of the investors whose link was with the US because of great loss. China had enjoyed a stock market boom between 2005 and 2007. But it later increased the growth rates in 2010 as advance countries made progress again. Now Brazil, China and India increased influence on the global economics.
Some of tremendous project also increase their capability and earned several billion dollars like Samsung and apple companies. UK, USA which are also earning large number of economy in medical field. By making researches in new medical field such countries earn large number of money. Some developing countries which do not research also import machinery from developed countries. Such developed countries sale their items with more profit and balance their income. Developing countries which import machinery could not make such progress. That depends upon other countries and their economy less.
Pakistan condition is not much good. Pakistan is the 26th purchasing country. Pakistan earn the large amount of economy build up industries. Pakistan has large number of natural resources but due to lack of machinery these resources are not utilize to useable form. Pakistan also exports textiles leather goods sports goods chemicals carpets and rugs.
Growth poles of Pakistan economy are situated along the Indus river and ports in Karachi. Pakistan conditions were badly affected by the political instability of the country. Because in 2005 Pakistan conditions were becoming better but in 2007 due to political instability and spreading terrorism in the country effected the economic situations badly.
Saudi Arabia has an oil based economy. Saudi Arabia which have a large number of oil resources. It exports oil and earn large number of economy. It exports oil to USA UK and Pakistan. But Pakistan has nuclear power and Saudi Arabia helps make its economy. USA and UK which are developed countries made rapid progress in every field.
USA has the world largest economy and large number of resources. It has trading partnerships with Canada Japan Germany South Korea Mexico and UK. US is the largest producer of oil and natural gas. It is the first country to have that many trading relations with other countries. Large number of labor migrates to USA each year. USA had a downfall in economy during 2007 to 2008 but then it recovered in 2013.
UK has the fifth largest national economy. UK has also made huge progress in their economy in last few years. London is the world largest financial center. The British aerospace industry is the second or third largest aerospace industry. The pharmaceutical industry plays important role in the UK economy because they have world best medicine industry. UK also exports a large number of medicine to other countries. UK made big progress in industries in medical field it earned large amount of economy in 19th century during second industrial revolution in US. But the cost of fighting World war1 and 2 weakened the UK economic position. Later both countries in 2007 and 2008 faced economic crisis. And in 2013 they cope up with crisis with the help of trading relationship with each other. The currency of the UK is the pound sterling which is also the world 3rd largest reserve currency after US dollar and Euro. It also has a large economy. Best medical doctors are from Australia. They made large progress in medical field. People go to Australia because of their advance medical treatment facilities and machinery. It earns large amount of economy in medical field. Canada is also one of the wealthiest nations. In Canada there are two oil industries which are earning a large amount of economy. Canada also has the 9th largest commercial sea food and fishing industry. Gross domestic products also increase its economy. Bombardiers aerospace is the 3rd largest manufacturer of commercial aircrafts. After Saudi Arabia it is the third country to have a large amount of oil resources. France has the third largest economy in Europe. Agriculture play important role in the economy of the France. France earns large economy due to agriculture. Europe economy is dependent on other countries. Due to industrialization if rate is more in European countries such country exports more than the import and earning world largest number of economy. But under developing country have no industry so they import items in double amount. Russia also have industries and agriculture and earn large income but have no gross domestic growth.
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