WB: China, Brazil, India, Indonesia, Korea, Russia to provide 50pc of world growth

BY 2025, China, Brazil, India, Indonesia, South Korea, and Russia will account for more than half of global growth, and the international monetary system will likely no longer be dominated by a single currency, says a World Bank report.


Emerging economies will grow 4.7 per cent a year between 2011 and 2025, says the report, Global Development Horizons 2011 - Multipolarity: The New Global Economy.


"As economic power shifts, these successful economies will help drive growth in lower income countries through cross-border commercial and financial transactions," said the World Bank press release announcing the report.


"Advanced economies, meanwhile, are forecast to grow by 2.3 per cent over the same period, yet will remain prominent in the global economy, with the Euro area, Japan, the United Kingdom, and the United States all playing a core role in fuelling global growth.


"The fast rise of emerging economies has driven a shift whereby the centres of economic growth are distributed across developed and developing economies - it's a truly multipolar world," said World Bank chief economist Yifu Lin, also vice president for development economics.


"Emerging market multinationals are becoming a force in reshaping global industry, with rapidly expanding South-South investment and FDI [foreign direct investment] inflows. International financial institutions need to adapt fast to keep up," said Mr Lin.
(Source:http://www.schednet.com)