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World economy turns to East

Business Materials 1 October 2011 15:00

China, Hong Kong, Oct. 1/ Trend, A.Maratov/

The world economy is more and more turning from the West to the East, Managing Partner at Parlink Consulting Company Berlin Irishev believes.

"The history shows that the global slogan "Leave Asia, join America" helped many countries. However today the world economy is lead by a group of countries, which accepted neither American, nor European development model. They include China, South Korea...," Irishev said on Saturday addressing the First Kazakhstan Equity Capital Raising and Investment Forum in Hong Kong.

He believes that at present reality offers new slogan which is "Leave West, join East".

The Western economies are paying more and more attention to the Eastern model of economic development, he said. China and Japan possess huge exchange reserves, at the same time China is a big holder of the US public debt.

Irishev believes that China may become number one economy in near future.

"The IMF data indicates that in five years China may rank first in the rating of the most economically developed countries given its growth rate and slowing down of US and European economies," Irishev said.

Despite the fact that Kazakhstan accepted the public economic program "Way to Europe", analysis of the last three years shows that the trend turns to East, not West, he said.

Edited by E.Ostapenko

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