The world was radically changed during the events of 1948. New nations formed, some dissolved, others united, others divided. One thing was certain: cartography was a lucrative business this year. Most prominently, China collapsed into several states, with a rump China covering the majority of the territory (most of this would be populated by Han Chinese and the remaining Mongols outside of the Soviet puppet). Another prominent change was in the Middle East, with Palestine forming as an independent nation to keep the Arabs from fighting over who owns what in the Levant.
The Americas changed very little. In Canada, Newfoundland joined the Dominion of Canada since their petition to join the United States was rejected by the British. The British kept onto their Caribbean territories as well as the Falklands, since these territories were cheap to govern and the Americans were content to let the British keep them for now. Africa outside of Libya remained under colonist control, though much of that was because plans were being drafted to minimize ethnic and religious strife. In South Africa, the pro-British government barely remained in power over Boer nationalists by 1% of the vote, with the new Jewish immigrants being the deciding vote factor.
In South Asia, India and Pakistan had a war between 1947 - 1948 that resulted in no territorial change, but with neither side backing down on their territorial claims. India became nervous at China's example, however. The Indochinese finalized their independence, becoming three separate republics. Vietnam remained the most unstable of these, however, as no one formed a majority government yet. The Cantonese split away from China and became aligned with their Indochinese brethren, as now they enjoyed independence, they could declare themselves as Indochinese rather than Chinese.
In Europe, very little changed territory-wise. Germany was preparing its independence by 1949, and Austria was preparing as well. Stalin's sudden interest in dividing Germany only made it friendlier to the West, and its communists ostracized. In addition, Stalin's emphasis on Germany and opposition to the Greek communists led to a colder relation with Yugoslavia. Bulgaria, initially pro-Russian, began to drift into Tito's camp after breaking with Stalin over the failing Greek communists. Bulgaria signed the Bled agreement to begin unification with Yugoslavia, and it might actually get away with it should Stalin keep ignoring his actual priorities of a defensive puppet line. The Soviet dictator was growing weaker and more reclusive by the day, and some wondered if he would die soon.