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- The Rise of Emerging Economies Mainly Reflected in Three Aspects
The Rise of Emerging Economies Mainly Reflected in Three Aspects
- By Lanbo Jiang
- Published 03/3/2012
- Unrated
Lanbo Jiang
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After the 2008-2009 global financial crisis, the world economy one of the most significant change in trend is with China as the representative of the rise of emerging economies. This is mainly reflected in three aspects.
First, catch up with developed countries, emerging countries to accelerate, continued to narrow the economic gap between the two. In the financial crisis, developed countries could seriously damage the economy, into a full recession. In the large number of economic stimulus, driven by developed economies out of recession in 2010, but the pace of recovery instability, fragile foundation. Emerging economies, despite the financial crisis, has not left the economic fast lane. The great differences pace of economic development, accelerating the decline of developed countries, the relative economic strength, and promote the growing of a global economic center of gravity shift to emerging countries. OECD report shows that gross domestic product of developed countries and the share of global GDP from 60% in 2000 to the current 51%, 2030 will fall to about 43%. World Bank economists believe that the scale of the fastest developing economy in 2015 will surpass the developed economies. Experts predict that by 2030 about the economic strength of the BRIC countries will reach the level of the Western Group of Seven.
Second, emerging economies, especially in emerging Asian countries become the world's new economic growth engine. Experts estimate that the annual growth rate of the next decade the U.S. economy is only 1.5% -2%, significantly below pre-crisis average of 3% -4% level. Slowing growth in developed countries, means that the world economic growth driving force to accelerate the transfer. Developing countries currently account for about half of global economic growth, the share, due to the strong recovery after the financial crisis, emerging economies, growth in import demand faster than in developed countries has doubled. Thanks to the improvement of competitiveness and huge domestic market potential,
emerging economies may still be in the next decade or so to maintain rapid growth, its contribution to the world economy will be growing.
Third, the emerging international economic position gradually. November 2008, the first summit of the Group of Twenty meeting in Washington, the major developed countries and emerging powers together, and discuss strategies to tackle the financial crisis. Since then the Group of Twenty broke the monopoly of the Group of Seven, became the main platform for global economic governance. 2010 International Monetary Fund and the World Bank made significant progress in institutional reform, the two institutions in emerging economies greater access to voice and vote. In the post-crisis era, along with the continued strengthening of its economic strength, emerging economies will become more involved in global economic affairs to the decision-making. The rise of emerging countries, will break the traditional boundaries of North and South, to promote economic development of multi-polar, completely change the global economic landscape.
Hua Liming: in the post-crisis era, I think for the most important driving force of world economic development and emerging developing countries. Recalling the 2008 situation since the financial crisis, the greatest contribution to world economic recovery, or, like China, India, emerging developing countries like Brazil.
In addition, with the economic development of emerging developing countries, developed countries like the United States will further rise of trade protectionism. Because the climate and environmental protection, conflicts developed and developing countries, the friction will increase. Developed countries is bound to the problems of their own passed on to developing countries. This is the emerging developing countries in the future may face a major challenge.
But emerging developing countries in the post-crisis era trend is unstoppable, but also the evolution of the entire world economy will have a major impact. But emerging developing countries in order to completely replace the pattern of developed countries in international economic position also requires a long period of time.
First, catch up with developed countries, emerging countries to accelerate, continued to narrow the economic gap between the two. In the financial crisis, developed countries could seriously damage the economy, into a full recession. In the large number of economic stimulus, driven by developed economies out of recession in 2010, but the pace of recovery instability, fragile foundation. Emerging economies, despite the financial crisis, has not left the economic fast lane. The great differences pace of economic development, accelerating the decline of developed countries, the relative economic strength, and promote the growing of a global economic center of gravity shift to emerging countries. OECD report shows that gross domestic product of developed countries and the share of global GDP from 60% in 2000 to the current 51%, 2030 will fall to about 43%. World Bank economists believe that the scale of the fastest developing economy in 2015 will surpass the developed economies. Experts predict that by 2030 about the economic strength of the BRIC countries will reach the level of the Western Group of Seven.
Second, emerging economies, especially in emerging Asian countries become the world's new economic growth engine. Experts estimate that the annual growth rate of the next decade the U.S. economy is only 1.5% -2%, significantly below pre-crisis average of 3% -4% level. Slowing growth in developed countries, means that the world economic growth driving force to accelerate the transfer. Developing countries currently account for about half of global economic growth, the share, due to the strong recovery after the financial crisis, emerging economies, growth in import demand faster than in developed countries has doubled. Thanks to the improvement of competitiveness and huge domestic market potential,
Third, the emerging international economic position gradually. November 2008, the first summit of the Group of Twenty meeting in Washington, the major developed countries and emerging powers together, and discuss strategies to tackle the financial crisis. Since then the Group of Twenty broke the monopoly of the Group of Seven, became the main platform for global economic governance. 2010 International Monetary Fund and the World Bank made significant progress in institutional reform, the two institutions in emerging economies greater access to voice and vote. In the post-crisis era, along with the continued strengthening of its economic strength, emerging economies will become more involved in global economic affairs to the decision-making. The rise of emerging countries, will break the traditional boundaries of North and South, to promote economic development of multi-polar, completely change the global economic landscape.
Hua Liming: in the post-crisis era, I think for the most important driving force of world economic development and emerging developing countries. Recalling the 2008 situation since the financial crisis, the greatest contribution to world economic recovery, or, like China, India, emerging developing countries like Brazil.
In addition, with the economic development of emerging developing countries, developed countries like the United States will further rise of trade protectionism. Because the climate and environmental protection, conflicts developed and developing countries, the friction will increase. Developed countries is bound to the problems of their own passed on to developing countries. This is the emerging developing countries in the future may face a major challenge.
But emerging developing countries in the post-crisis era trend is unstoppable, but also the evolution of the entire world economy will have a major impact. But emerging developing countries in order to completely replace the pattern of developed countries in international economic position also requires a long period of time.
