国际英语新闻：A decade of economic evolution out of crises and prosperity

As Simon Johnson, former chief economist of the International Monetary Fund, said before, the abnormal development of the financial sector and the prevalence of speculation pushed the U.S. economy into a cycle of boom and doom.

Meanwhile, for the majority of developing countries, the past decade has been relatively stable with continuous development and great economic and social progress.

Accordingly, the balance of power between developed and developing countries has relatively changed. The world economic structure is evolving toward a more balanced and rational future.

Changes have also occurred in major international organizations like the International Monetary Fund, the World Bank, the Group of Eight (G-8) and the Group of Twenty (G-20). For example, the G-20 has replaced the G-8 as the main platform for international economic governance.

PREPARING FOR THE NEXT TEN YEARS

Looking at the next 10 years, the pattern of the world economy is set to change.

After the once-in-a-century international financial crisis, the next decade will witness great changes, adjustments and developments in the world economy.

Various signs have indicated that the development of the world economy will produce three major trends.

Firstly, the world economic situation will change more rapidly, with national governments making important adjustments in their development approaches.

The international financial crisis shattered America's debt-driven consumption and speculation, which also injected new momentum for economic restructuring in developed countries. Developed economies are trying to restore the balance between saving and consumption and between virtual economy and real economy.

Meanwhile, developing countries need to decrease their dependence on exports, improve their social security systems, upgrade their income distribution systems, expand domestic demand and raise their living standards.

On the whole, aside from uNPRedictable factors such as large-scale wars, plagues and natural disasters, the majority of emerging economies are expected to embrace a new decade of development and progress. World economic governance reform will continue to deepen.

In addition, as environmental issues become increasingly prominent, the concept of sustainable development will be more popular. Low-carbon economies, green economies and environment-friendly economies will achieve greater development worldwide.

Secondly, the international financial and monetary system will experience significant adjustments. The outbreak of the international financial crisis fully exposed the unsustainability of the current system.

Strengthening financial supervision does not mean to contain financial innovation or deny the role of the financial system in modern economic operations.

However, if international financial rules are not re-adjusted, the so-called once-in-a-century international financial crisis probably will come again in a few decades.

In addition, the risk of the U.S.-dollar-dominated international monetary system will gradually increase.

Thirdly, globalization will continue to develop with the coexistence of risks and opportunities. In the next decade, globalization will continue to "transform" world production, consumption patterns, and international trade, which will make the world increasingly "flat."

Low-cost, convenient and modern communication networks will bring opportunities for more people to participate in the process of globalization.

Meanwhile, a number of vulnerable countries will probably sink into more trouble because of war, disease or natural disasters in the fierce competition in the world market.

Traditional economic powers will either keep their preeminence with industrial upgrading or be defeated in the competition. Emerging economies may also face problems like the so-called "middle-income trap."

In short, each country has its own opportunities and challenges. The next decade will be just like any other in history. The opportunities always favor the prepared counties, enterprises and individuals. For them, the most important thing is to make full use of the opportunities.