Allah Nawaz Khan
The global economic situation is changing, and the dominance of several economic powers appears to be declining. This is not happening for the first time; it has occurred many times in the past. Countries that were extremely strong economically have collapsed, while countries with weak economies have become economically powerful.
Apart from the United States, European countries, and Gulf states, many other countries are considered economically strong. Their economies are bolstered by oil, gas, industries, tourism, and similar sectors. Now, the dominance of the United States and several other powers over the global economy is visibly waning.
In the 21st century, many changes have been observed in the global economic landscape. Wars have created problems, and natural disasters have also triggered numerous crises.
China has now built a very strong industrial base. Chinese products are rapidly capturing space in the global market. China has also modernized its military technology. Demand for Chinese fighter jets is increasing. For the United States, it is unbearable that China is progressing rapidly. China’s unprecedented development is also astonishing — how did it achieve such success so quickly?
The secret to China’s progress is that its people are working very hard, and they are being rewarded for that hard work.
In addition to China, Russia also possesses a strong economy. Besides minerals, Russia has other resources for economic strength. Russia also has a very long military history. It suffered irreparable losses in the war with Afghanistan, then disintegrated into different parts, but it still managed to maintain its strength. The Russia-Ukraine war is currently ongoing. Ukraine is continuing the war because of its allies. Ukraine is receiving the largest aid from the United States, which is why it is still fighting. Despite suffering heavy losses, Russia appears to be in a strong position.
Besides Russia and China, emerging economies such as Brazil, Indonesia, India, Saudi Arabia, and others are increasing their role in the global economic system. New changes are also visible through the “BRICS bloc.” If a BRICS currency manages to establish itself in the market, the dollar will lose its value. Nevertheless, the dollar’s position remains very strong for now.
Gulf states rely on oil. It is possible that in the future they may not be able to maintain their strength, because the world is shifting toward electric and solar energy. Electric vehicles will not need oil, so it can be said that oil-dependent states will also struggle to maintain their economic strength in the future.
New alliances are forming, and these alliances will strengthen their economies. The Russia-Iran alliance may not be globally significant, but it could create an important situation in the Middle East. Nuclear energy can bring about massive change. Countries that are currently being pressurized and exploited for their wealth due to weakness may be able to stand up to pressure if they possess nuclear weapons in the future. Nuclear energy can also generate substantial capital through sales. However, selling nuclear energy is not easy because the world is united in preventing nuclear proliferation. Still, countries like North Korea, Iran, or others may sell nuclear technology. When the balance of power becomes more equal, the buying and selling of nuclear energy will become easier. When that point is reached, many powers will lose their control.
If oil and other commodities start being sold without difficulty, major economic changes will occur. The United States and other countries are also working to strengthen their economies. Similarly, many countries besides China and Russia are continuously working. If BRICS or any other alliance succeeds, the U.S. economy could decline significantly.
Changes in the global economy will also affect international politics and diplomacy. Currently, weak countries accept many unfavorable conditions for loans. If weak countries become self-sufficient, a massive transformation will take place. Weak countries will begin strengthening their economies, which will harm the currently dominant economies.
It cannot be said with certainty that the United States or any other country will necessarily become weak. The United States and all countries can maintain their economic positions if they wish. Political stability and merit are essential for a strong economy. Many countries are still failing to maintain strong political stability, which is why they cannot overcome economic weakness.
A lesson can be learned from China, which has achieved remarkable progress in a short time. China is working on building alliances and may soon achieve success. If India, Russia, China, or other countries unite, they can easily control the situation. Mistakes can also be very damaging. Economically strong countries can decline if they start making mistakes. For example, the United States is currently entangled with many countries. Many countries will weaken their economies by making such mistakes.
It is also possible that the United States or any other state may successfully maintain its position for a long time. Changes cannot be stopped, no matter how much effort is made.
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