India, Nov. 15 -- The US in the twilight of its power and China needing to reorient its economy away from exports to domestic consumption are the central contradictions facing today's global economy, economist and Nobel laureate Joseph Stiglitz said at the 24th Hindustan Times Leadership Summit on Saturday.

The new world order will be multipolar unlike the unipolar US-dominated world order that existed after the second world war. Adjusting to it will not be easy for all countries. India's key opportunity and challenge lies in managing its domestic inequality; and if done well, there is no reason the nation cannot sustain high levels of growth, the US economist said.

What the world needs to navigate this phase is the leadership of young,...