After the Cold War, all countries have adopted various means and methods to achieve economic development. They have formed global economic groups like SAARC, European Union, ADEAN, G-8, G-20 etc. Apart from this nations have tried to understand the features of the growth of other nations and hence tried to analyze their own strengths and weaknesses. This is very essential in this era of globalization, as it helps a nation understand its competitors from both the developed and developing nations. Also since we all have a shared environment, the factors of economic growth of our neighbours will have an impact on us as much ours would have on theirs.