Before I talk about their current implications, I would like to take a few minutes to discuss the nature of these developments and their likely implications over the next decade or so. The medium-term implications of global developments Just as Japan and Korea emerged as major players on the global stage in previous decades, China is now quickly becoming an economic powerhouse.
And India is not far behind. When you consider that these two countries account for 40 per cent of the world's population, it is not hard to see why they are having such an impact on the global economy.