The world had changed a great deal by May 1944. First of all, the Allies decided to divide the former glorious Italian Empire. The British received a lot of posessions, while DeGaulle expanded the French Republic all the way to North-West Africa. Selassie and Inonu also demanded their spoils to continue the war on the Allied side.
However most of the activity was seen in the Far East. The Red Army has advanced even deeper to China after some real brutal fighting. Also the loss of Pakistan to the communists greatly weakened the position of the Allies in India. The Allies have faced heavy Chinese resistance, and can't commit the same amount of troops as the USSR. So Allied advance has mainly been limited to suprise landings. Japan got some of it's former land back in these battles, and the British were delighted to get their jewel back. Also if you look closely, you might notice that Australia and New Zealand have been released from Japanese occupation. This is one of the international agreements that the Allied powers have made with Japan.
It may be likely that China won't live past 1944. The Republic has lost a great deal of soldiers in several encirclements, especially Korea, where they lost some 90 divs. The beach garrisons get destroyed in battles and the front is streched. The Chinese supply efficency is around 25%, meaning that the Chinese Army has become slow to react, and somewhat weaker in their fighting ability. Whoever gets China or India gets a lot of power. Even more if they release puppets...
Europe is facing a 2nd Phoney war. The Swedes pushed the Allies out of Norway, and the gathered Wehrmacht was finally able to crush Istanbul. However any further advance to Turkey proved impossible against 60 divs on the other side of the Bosborus. The ceasefire with USSR can't be broken. UK seems to be strongly defended, and the entire USN guards the channel. Any landing in Africa could prove to be a mistake, mostly because Suez has been fortified to be a tough rock. The Germans still remember their fiasko in Norway, how their troops got stuck and destroyed there. So at the moment the Axis are concentrating their efforts on fortifying the new beaches of Europe. Also a lot of progress has been made reforming the Wehrmacht, the Luftwaffe, the Kriegsmarine, not to mention the nuclear program.
The entire Latin America is now mostly in Allied hands. The Axis Peru and Ecuador have been crushed, and Brazil rules supreme. Mexico was one of the last serious neutral powers that existed.
October 1943, the US marines land in out of supply Taiwan, and take the Chinese garrisons completely by suprise. So much for the fortress Taiwan against the Soviets...
The Chinese garrison fought to the end, but was no match for the experienced US marines aided by superior firepower.
Brutal attacks are made in India by both sides. Since Montgomery hasn't done much desert fighting, he became known as the hills fox! :rofl:
The officers of Peru and their ships are successfully evacuated to Germany.
Slowly, but surely China crumbles. Unfortunately the river line is later broken. 90 divs are lost in Korea, and the Chinese are forced to slowly withdraw from India.
Soviet forces 'liberating' the Chinese city of Jinan.
Korea saw a lot more fighting than any other area in the war. The Japanese originally managed to pull off a suprise landing in South Korea. They were eager to reclaim their colony. Soon countless Chinese armies arrived from Manchuria and pushed the Japanese out of Korea. Chiang felt confident that Korea could be held like a superfort.
Unfortunately the Allies targeted the Chinese convoys and Korea was left without supplies. Eventually it was crushed. The Japanese marines occupied the entire area within weeks, and the Soviets weren't able to gain a foothold in Korea.
On the Chinese West Front, the Chinese commanders felt confident that they would hold the line as long as ordered. But then just before -44, the new Soviet heavy tanks took the Chinese by suprise. Pakistan quickly fell to the Red Army.
It has even been claimed that these huge Soviet steel monsters made the Chinese run for their lives!
While things weren't going so good in China, the entire Wehrmacht was concentrated on what was to be the largest battle in Europe. Full fleets of Stukas, the best German tanks, and even some elite mountain units were able to capture Istanbul. The Turkish front is no longer a serious threat.
The Top 12 has become completely different. Because of her massive Chinese conquests, the USSR has risen above everyone else. Experts are starting to doubt if Stalin is willing to give that power to Mao.

...Germany has fallen, mainly due to liberating the European puppets and focusing more on saving rares. The British Empire is alive once again thanks to India. China can barely keep her troops alive with this massive industrial loss. Some industry has been evacuated to Chonqing. The new Italy and Spain have risen to the list, but unfortunately the Axis minors are suffering from a shortage of rares.
Oh yea, and that reminded me to replace Mussolini with Kesselring.
Update #2 coming within a couple of days.