Emerging nations to drive growth
Source: Xinhua |
November 10, 2012, Saturday
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Print Edition
Print Edition
FAST-GROWING emerging countries will be the principal driver of the global economic growth in the long term, although at a declining rate, and will outpace OECD countries by 2060, the Organization for Economic Cooperation and Development forecast in a report released yesterday.
Global economy faces a number of challenges both in short and long term, but "growth will be enabled by continued fiscal and structural reforms and sustained by the rising share of relatively fast-growing emerging countries in global output," the Paris-based OECD said in the report.
"The balance of economic power will shift dramatically over the next 50 years in a baseline scenario," OECD Secretary-General Angel Gurria said at a press briefing, adding that the publishing of the long-term forecast report is "a wake-up call" as we will "face new challenges to ensure a prosperous and sustainable world for all."
The outlook report comes at a time when crucial challenges are mounting around the world with the eurozone debt crisis remaining at the core of global worries, the United States struggling with fiscal cliff which is seen as one of biggest short-term threats to the global economic growth, fast-growing China slowing down and Japan facing its own budgetary challenge.
The OECD figures shows that the combined gross domestic product of China and India would surpass that of the G7 economies by around 2025 and exceed that of the entire 34-member OECD countries by 2060.
China's growth and other fast-growing emerging countries will be driven by better educated and more productive work force.
The organization projected that China, with 17 percent of the global GDP, will see its share up to 28 percent in 2030 and stay at the level till 2060.
Global economy faces a number of challenges both in short and long term, but "growth will be enabled by continued fiscal and structural reforms and sustained by the rising share of relatively fast-growing emerging countries in global output," the Paris-based OECD said in the report.
"The balance of economic power will shift dramatically over the next 50 years in a baseline scenario," OECD Secretary-General Angel Gurria said at a press briefing, adding that the publishing of the long-term forecast report is "a wake-up call" as we will "face new challenges to ensure a prosperous and sustainable world for all."
The outlook report comes at a time when crucial challenges are mounting around the world with the eurozone debt crisis remaining at the core of global worries, the United States struggling with fiscal cliff which is seen as one of biggest short-term threats to the global economic growth, fast-growing China slowing down and Japan facing its own budgetary challenge.
The OECD figures shows that the combined gross domestic product of China and India would surpass that of the G7 economies by around 2025 and exceed that of the entire 34-member OECD countries by 2060.
China's growth and other fast-growing emerging countries will be driven by better educated and more productive work force.
The organization projected that China, with 17 percent of the global GDP, will see its share up to 28 percent in 2030 and stay at the level till 2060.
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