Written by: Alnoor Ladha and Tim Dixon
This year marks the fifth anniversary of the beginning of the global financial crisis–a crisis that is changing the global economy just as significantly as the collapse of communism in 1989 and the OPEC oil crisis of 1973.
A major impact of the financial meltdown is that global markets are now being driven by the world’s emerging economies. The economies of the U.S. and Europe have entered a long period of sluggish growth, financial instability, rising debt, and relative decline. They still provide great opportunities for innovators–developed country markets will remain the world’s largest for some years to come. But the furnace of the global economy is now being powered by the white heat of industrialization in the East and South–economies like China, Brazil, Mexico, India, and Nigeria.
Ismailimail 