Sweeping changes are afoot
in the global economy. As the second
decade of the 21st century unfolds and
the world exits from the 2008–09 financial crisis,
the growing clout of emerging markets is paving
the way for a world economy with an increasingly
multipolar character. The distribution of global
growth will become more diffuse, with no single
country dominating the global economic scene.
The seeds of this change were planted some
time ago. Over the past two decades, the world
has witnessed emerging economies rise to become
a powerful force in international production,
trade, and finance. Emerging and developing
countries’ share of international trade flows has
risen steadily, from 26 percent in 1995 to an estimated
42 percent in 2010...During the forecast period of Global
Development Horizons (GDH) 2011—from 2011
to 2025—the rise of emerging economies will
inevitably have major implications for the global
economic and geopolitical hierarchy, just as similar
transformations have had in the past.
Increased diffusion of global growth and economic
power raises the imperative of collective
management as the most viable mechanism for
addressing the challenges of a multipolar world
economy.

Publish Date:
2011
Publisher:
The International Bank for Reconstruction and Development / The World Bank
Language:
English
Type:
Text

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