Financial crisis has accelerated this long term transformation in the global economy
The rapid growth of emerging economies has led to a shift in global economic power, according to new data.
Economic forecasts suggest that the aggregate economic weight of emerging economies is about to surpass that of the countries that currently make up the advanced world.
According to a new publication from the Organisation for Economic Cooperation and Development (OECD), the economic and financial crisis is accelerating this long term structural transformation in the global economy.
Longer-term forecasts suggest that today’s developing and emerging countries are likely to account for nearly 60% of world GDP by 2030.
While the 1990s was a lost decade for much of the developing world, growth rates picked up significantly in the 2000s. The strong performance of China and India has had a significant impact on the rest of the developing world.