The Emerging Shifting World
August 7, 2011
The term emerging economies was coined late in the 20th century to point to a set of nations emerging from poverty, decades later however that shift has become more dramatic as the statistical chart above shows. The combined output of the emerging nations likely reached in 2011, measured at purchasing-power parity, 54% of world GDP. These nations now account for more than half of global consumption of most commodities, exports, and foreign investment. Emerging economies also account for more than half of all car purchases and over 80% of all mobile phones. The rich developed nations have also done their part to expedite this change embracing a culture of over-spending fueled by debt and living beyond their means which has led to very low economic growth and high unemployment. Welcome to the new emerging world where the rich feel poor and the poor finally get a taste of the so called ‘good’ life.
