Emerging economies deserve bigger role at global forums: U.S. expert

Emerging economies deserve a greater role at key global forums such as the International Monetary Fund and the World Bank, as they are projected to account for 70-80 percent of the world's economic growth in the next decade or so, said a U.S. expert.


However, a heavy reliance on energy imports could be a threat to the fast growth of some emerging economies, said Bernard Baumohl, chief global economist of the Economic Outlook Group, in a recent interview with Xinhua.


While some emerging economies are energy self-sufficient, others have to import lot of fuels, and those highly dependent on specific commodities will see more inflation, he cautioned.


The expert also argued that a stronger U.S. economy is in everyone's interest, including the emerging economies.


On the possibility that U.S. firms could pull manufacture bases back to their homeland from the emerging economies, Baumohl said generally speaking, U.S. companies do not make decisions on where to place their factories and plants for "national realistic reasons."


"They won't do it for altruistic reasons either. They will do it if they can achieve higher level of productivity to make a better and cheaper product," he said.


"That is the fact that could draw manufacturers to the U.S.," said the expert.
(Source:http://news.xinhuanet.com)