Global Biz

Emerging economies to grow 4.7% annually

(Xinhua)
Updated: 2011-05-17 22:16

WASHINGTON - The world's emerging economies as a group will grow 4.7 percent annually between 2011 and 2025 on average, the World Bank projected Tuesday.

This growth rate is twice as quick as a 2.3 percent to be registered by advanced economies over the same period, the Washington-based agency said in a report released Tuesday.

The fast rise of emerging economies has driven a shift whereby the centers of economic growth are distributed across developed and developing economies, a truly multi-polar world, said Justin Yifu Lin, the World Bank' s chief economist.

This trend is strengthened by the two-speed economic recovery in recent years, Lin told reporters at a Tuesday World Bank press conference releasing the new report entitled "Global Development Horizons 2011".

"Emerging market multinationals are becoming a force in reshaping global industry, with rapidly expanding South-South investment and FDI inflows. International financial institutions need to adapt fast to keep up," added Lin, also senior vice president for development economics of the Bank.