All that glitter is not Gold

Strength and weaknesses go side by side even with most advanced nations.
China is the world’s largest manufacturing economy and exporter of goods. It is also the world’s fastest-growing consumer market and second-largest importer of goods. China is also the world’s largest consumer of numerous commodities, and accounts for about half of global consumption of metals.The adoption of economic reforms by China in the late 1970s led to a surge in China’s economic growth and helped restore China as a major global economic power. But all that glitter is not gold. China faces high youth unemployment, the collapse in a real estate sector that harbored 70–80 percent of family wealth, failure to address structural problems like demographic decline, underfunded social welfare programs, severe pollution, and reliance on imported fuel, food, mineral resources, inadequate education & social services, and the post-Covid global economic slowdown.
India is no different.
High corporate debt and non-performing loans (NPL) are biggest issue of India. It is also net importer of energy resources. India also faces lack of adequate infrastructure, weak public finances, widespread poverty, inequality, and informality.
However India has diversified growth drivers, high national savings rate (around 25% of GDP) massive workforce and population (over 50% of the population under 25) with good command of English. Efficient IT services and expatriate and diaspora remittances, jewellery, garments, vehicles and pharmaceutical drug exports, as well as tourism and IT services, contribute positively to the current account.
In 1991, USSR collapsed because of its fiscal policies. Gorbachev wanted Glasnost but hardliner coup against him. Though Coup did not succeed by influence of govt eroded which led to dismemberment of USSR.
US is leading economy in the world but it faces issues in various areas.
The biggest divide in the US is not between rich and poor; it’s between those who learn -and learn how to learn- and those who don’t know what they are missing.The weakest point of the US is its economy.
It generates a large GDP, 80% is services, 15% manufacturing and 5% agriculture. Most of the benefit of the GDP gravitates to 1 or 2 % of the population while the rest are expected to pay a debt rising faster than the governments ability to collect taxes to pay for it.
The military complex has got a firm control of the government consuming more than 60% of the federal discretionary budget while education and infrastructure receives less than 10% each. 6.5 million people are unemployed in USA. The job market in the US is often highly competitive, particularly in desirable fields and industries.13 out of 100 in USA are employed in Office & Administrative which includes receptionists, payroll clerks, secretaries, proof-readers, administrative assistants, and customer service etc.
This economic condition causes to marginalize the middle class. It creates pay cheque to pay cheque living conditions, the elderly unable to retire, a competition to survive which in turn creates higher crime rates, suicide and hate crimes. Health care that is inadequate or too expensive for some creates poor health in areas. The lack of a proper social safety net creates poverty and homelessness.
In Europe High living cost and energy shortage are two big issues. 26% of youth is unemployed in various countries of Europe.
Australia and America has similar unemployment rate.