DEVELOPING countries are becoming a new engine of global growth and a pulling force for advanced economies, says a new World Bank study. Growth in developing countries is estimated to reach 6.1 per cent in 2010, 5.9 per cent in 2011, and 6.1 per cent in 2012, while in high-income countries, it is expected to reach 2.3 per cent in 2010, 2.4 per cent in 2011 and 2.6 per cent in 2012, according to the report.
According to The Day After Tomorrow: A Handbook on the Future of Economic Policy in the Developing World, almost half of global growth is currently coming from developing countries, says a World Bank statement announcing the findings.
The group of World Bank economists projected that the economic size of the third would will surpass that of developed countries in 2015.
"Developing countries have come to the global economy's rescue," said co-author World Bank vice president Otaviano Canuto. "They are the new locomotives of growth which will move global growth forward while high-income countries remain stagnant."
These diverging growth prospects continue in the medium term. Five factors account for it: faster technological learning, larger middle-classes, more intra third world trade, commercial integration, high commodity prices and healthier balance sheets that will allow borrowing for infrastructure investment.
Source : HKSG.
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