As the United States and Europe continue to struggle with the fluctuations of their financial roller coaster, other nations around the world are plugging away with major growth and significant development. During the first quarter of 2010 the gross domestic product of Europe increased by about 1 percent. In the U.S. we saw growth at a 3.2 percent annualized rate – a more than 50 percent decline from the 5.6 percent growth of the previous fiscal quarter.

While the U.S. and Europe fight to stave off stagnation, Asian economies are still churning out huge gains. According to Focus Taiwan News, the tiny Pacific island nation witnessed stunning growth at 13.3 percent to start the year. Experts in Taiwan expect that figure to translate into a growth rate of 6.14 percent over the course of the next twelve months.

The incredible growth in Taiwan is only one of the many cases of Asian growth. According to Time, Singapore and China are also at the cutting edge of productivity and growth. While the U.S. was celebrating the meager gains it achieved in the first quarter of 2010, Singapore saw its economy grow at a 13.1 percent rate. The Chinese economy grew at 11.9 percent over the same time period.

According to the Institute for Management and Development’s World Competitiveness Center, not only are these Asian economies growing faster than their Western counterparts, they are also outperforming them.

The United States had been at the top of the World Competitiveness Center rankings for 16 years, but in 2010 it was passed by the city-states of Singapore and Hong Kong. American politicians love discussing the indomitable competitive spirit of the United States, but the fact remains that we are quickly being usurped at the top.

Our economy is still technically much larger than any other economy in the world, but it is no longer anywhere close to its former dominance. When a tiny enclave like Singapore or Hong Kong can compete on the same plain with the United States it is clear that the old global economic system is nothing but an afterthought.

The Institute for Management and Development believes that nations in Asia, and Latin America, are now reaping the rewards for their dedication to industry and manufacturing. Rather than relying on financial innovation and investment speculation like the U.S., and increasingly Europe, these nations focus on producing and exporting value-added goods.

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