Major economic powers

Major economic powers

1. Group of countries that control most of the economic production

   • Their decisions influence economy

2. Traditional powers

   • USA
     • Characteristics
       • World leading companies
       • Entrepreneurial spirit
       • Investment in research
         • Leader in scientific and technological advances
         • Increases production and more competitive
       • Quality university education
         • Highly skilled labour force
       • Large amounts of natural resources and energy
       • Dollar most important currency
     • Consumption is very high
     • Weak points
       • Families have heavy debt
       • +import-export=trade deficit
   • Japan
     • Characteristics
       • Exports manufactured products
       • Robotics
       • Varied industry
       • Second largest global investor
       • Low unemployment rate
     • 3rd largest economy in the world
     • Based on 3 pillars
       • High industrial capacity
       • Global exports
       • High levels of domestic saving
     • Weak points
       • Ageing population
       • Scarce natural and energy resources
   • EU
     • More competitive because they're a group
     • 1st in volume trade
     • great economic power
     • Largest economies inside
       • Germany
       • UK
       • France
       • Italy
     • Weak points
       • economic growth, GDP, productivity and technology development
         • Lower than in US and Japan

3. Emerging powers

   • BRICS
     • Brazil
     • Russia
     • India
     • China
     • South Africa
   • Traditional powers loose power because of them

4. Regional powers

   • Australia
   • Asian tigers'
     • South Korea
     • Taiwan
     • Singapore
     • Hong Kong
   • Persian Gulf oil producers