New York Times: Maybe Developing Nations Are Not Emerging but Have Emerged
IN the old developed world, this is an era of solid but moderate economic growth. In the new world, the so-called emerging economies is where most of the growth now resides.
The chart shows the most recent annual real rates of increase in gross domestic product in six major developed economies around the world: the United States, Britain, Canada, Australia, Japan and the Euro-zone, the countries that use the euro as their currency although they remain politically independent.
The leader in the group is the United States, with a year-over-year growth rate of almost 3 percent. That is hardly soaring, but it is respectable.
Then the chart shows the rates of 26 developing countries in Asia, Eastern Europe and Latin America. Chile, with a growth rate of 2.93 percent, grew just a bit slower than the United States, but every other country on the list did better.
The star, to no one’s surprise, is China. But there are 10 other countries on the list, including Peru and Bulgaria, that grew at least twice as fast as the United States. ....
Mr. Rotenberg expects this to continue. “What the global economy has experienced over the last few years is just the start of a major wealth shift from developed economies — that is, from less-skilled labor in developed economies — to emerging market workers,” he said.