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OECD: Shift In Economic Power From West; Key Moment Approaches …

  • June 25th, 2010
  • Posted by EUEditor

oecd-development.JPGThe Paris-based OECD says the emergent developing countries, especially China, are set to eclipse its membership of most advanced economies, in playing the lead as global wealth producers.

The Development Centre of OECD has published, 16.6.10, the first edition of a Perspectives on Global Development series, declaring that “the rapid growth of emerging economies has led to a shift in economic power”.

It continues:

“Forecasts based on analysis by the late economist Angus Maddison suggest that the aggregate economic weight of developing and emerging economies is about to surpass that of the countries that currently make up the advanced world.

“According to Perspectives on Global Development: Shifting Wealth, … the economic and financial crisis is accelerating this longer-term structural transformation in the global economy.

“Longer-term forecasts suggest that today’s developing and emerging countries are likely to account for nearly 60% of world GDP by 2030.

“What does the rise of large developing countries mean for development?

“Since 1990, the number of people in the world living on less than a dollar-a-day has fallen by over one quarter – approximately 500 million. So far, however, these reductions have mainly been concentrated in one country – China.

“Other countries have made progress but at a pace insufficient to counter the effect of population growth.

“Poverty reduction still represents a major challenge for the developing world. Inequality in many rapidly growing developing economies has also been increasing.”

The OECD (Organisation for Economic Cooperation and development) is an international economics agency made up of 31 countries committed to democratic government and market principles, usually considered the most advanced national economies.

Headquartered at an elegant heritage palace in Paris’s 16th arrondissement it provides a forum for debate and high quality research on economic trends, performance of the member economies and options for policy makers.

Reference

OECD, Development Centre, Paris; Perspectives on Global Development, 2010, 16.6.10; ISBN
9789264084650

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