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The Global Poor Are Getting Richer, Faster
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| Contributor | None Entered |
| Last Edited | None Entered Dec 13, 2006 10:46am |
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| Category | News |
| News Date | Wednesday, December 13, 2006 04:45:00 PM UTC0:0 |
| Description | In a report out today, The World Bank looks both at current economic growth rates and projections for the next 25 years. The report, Global Economics Prospects 2007 says "developing economies are projected to grow by 7.0 percent in 2006,more than twice as fast as high-income countries (3.1 percent), with all developing regions growing by about 5 percent or more." While these nations have only 22 percent of global GDP they accounted for 38 percent of the increase in global output. And they are expected to increase their share of global output by about 50 percent by 2030.
The report expects the world economy to grow from last year's $35 trillion to $72 trillion by 2030. And this "is driven more than ever before by strong performance in the developing countries." Only two decades ago the poor nations provided only 14 percent of wealthy nations' manufactured imports. Today they provide 40 percent and by 2030 they are projected to provide over 65 percent. |
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