I have 1 red polygon say and 50 randomly placed blue polygons - they are situated in geographical 2D space. What is the quick
You could start by comparing the distance between the bounding boxes. Testing the distance between rectangles is easier than testing the distance between polygons, and you can immediately eliminate any polygons that are more than nearest_rect + its_diagonal away (possibly you can refine that even more). Then, you can test the remaining polygons to find the closest polygon.
There are algorithms for finding polygon proximity - I'm sure Wikipedia has a good review of them. If I recall correctly, those that only allow convex polygons are substantially faster.