The Petro-Yuan will Lead the Global Economy


The Petro-Yuan will Lead the Global Economy

Mian Majid Ali Afzal

Globalization described the world as a single society. However, countries of the world are divided into developed, developing, underdeveloped, and least developed countries based on the levels of their socioeconomic development, education, governance, international relations, trade and business. After the demise of the Soviet Union, the world order got upended and the United States emerged as the sole hegemon and the largest economy of the world. Owing to this decades-old hegemony, the US has been hitherto playing the role of a global policeman. But, it has changed now as China, the world’s second largest economy, is now coming up as the next superpower of the world.

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