As the first 10 years of the 21st century march into history, is the world finally bidding farewell to the so-called "decade from hell"? To many people in the United States, especially those whose lives were changed by the Sept 11, 2001 terrorist attacks, by Hurricane Katrina in 2005, by Iraq War or the war in Afghanistan, or by the financial wipeout in 2008, the answer is a resounding "yes".

Time magazine branded it "The Worst Decade Ever," reacting to a decade that has seen the US mired in two unwinnable wars, its global dominance in a relative, but nonetheless, discernible decline and the American Dream losing its luster.

Prominent among the various mega-trends shaping the international landscape throughout the decade has been the collective rise of developing countries, with the reins of global economic governance passing from the exclusive Group of Eight (G8) developed countries to the more representative Group of 20 (G20) major economies.

Thus, labels like a hellish decade or a troubled decade are rather one sided. The past 10 years have been a decade of progress for many countries, a time of global rebalancing.

Since China's WTO membership was formalized in 2001, the country has grown into a stalwart supporter of the multilateral trade system and a leading contributor to global economic growth. In 2009, when the world was struggling in the throes of the international financial crisis and subsequent economic downturn, the burgeoning Chinese economy accounted for over 50 percent of global economic growth.

While it is impossible to know the exact future, the world has unmistakably embarked upon a road toward a more pluralistic and balanced architecture. The political and economic centers of gravity have visibly shifted and the recent financial storm has accelerated the pace.

The North-South gap is narrowing. South-South cooperation is booming, and international relations are undergoing fundamental shifts. Coordinated cross-continental action is becoming a growing trend.

But, for all the talk about US economic health, the truth is simply relative: The US is not waning; others are waxing.