Monday, September 27, 2010
[IWS] World Bank (New Book!) THE DAY AFTER TOMORROW: A HANDBOOK ON THE FUTURE OF ECONOMIC POLICY IN THE DEVELOPING WORLD [27 September 2010]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
World Bank (New Book!)
The Day After Tomorrow: A Handbook on the Future of Economic Policy in the Developing World [27 September 2010]
[full-text, 466 pages]
Press Release 27 September 2010
Developing Countries Come to the Global Economy’s Rescue
They account for half of global growth and will surpass economic size of developed nations by 2015
WASHINGTON, September 27, 2010—While the rich world puts its house in order, developing countries are becoming a new engine of global growth and a pulling force for advanced economies, says a new book by World Bank economists.
According to The Day After Tomorrow: A Handbook on the Future of Economic Policy in the Developing World, almost half of global growth is currently coming from developing countries. As a group, it is projected that their economic size will surpass that of their developed peers in 2015.
“Developing countries have come to the global economy’s rescue,” said Otaviano Canuto, World Bank Vice President for Poverty Reduction and Economic Management (PREM), and co-editor of the book. “They are the new locomotives of growth which will move global growth forward while high-income countries remain stagnant.”
According to the publication, growth in developing countries is estimated to reach 6.1 percent in 2010, 5.9 percent in 2011, and 6.1 percent in 2012, while corresponding figures are 2.3 percent, 2.4 percent, and 2.6 percent for high-income countries. These diverging growth prospects continue in the medium term. Five factors account for it: faster technological learning, larger middle- classes, more South-South commercial integration, high commodity prices, and healthier balance sheets that will allow borrowing for infrastructure investment.
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