Developing countries play bigger role in global economyListen /
Three major emerging economies – China, India and Brazil are playing an increasingly major role in the world economy, according to a new report of the UN Development Programme (UNDP).
The 2013 Human Development Report – "The Rise of the South: Human Progress in a Diverse World" was launched in Mexico City on Thursday by President Enrique Peña Nieto of Mexico and UNDP Administrator Helen Clark.
The report examines the profound shift in global dynamics driven by the fast-rising new powers of the developing world and its long-term implications for human development.
Helen Clark said that for the first time in recent history, the South as a whole is driving global economic growth and societal change with the living conditions of millions of people lifted by this transformation.
"By 2020, according to projections developed for this report, the combined economic output and 1990 purchasing power parity dollars of just three key emerging economies alone, China, India and Brazil will overtake that of the United States, Germany, the United Kingdom, France, Italy and Canada combined. This is a huge movement. We see much of the dynamism of the emerging economies being driven by trade, foreign direct investment and technology partnerships within the South itself." (35")
The report says that Turkey, Mexico, Thailand, South Africa, Indonesia and many other developing nations are also becoming leading actors on the world stage.
Donn Bobb, United Nations