Developing nations power global growth

More than 70 per cent of the world’s economic growth is now taking place in developing countries, with almost a third of it in China, new International Monetary Fund data reveals.

Dr Rajan said sub-Saharan Africa this year was set to record its fastest growth for 30 years, its output growing 5.8 per cent. Next year Africa’s output is likely to be 30 per cent higher than in 2002, a break from its past stagnation. Over the five years, the IMF estimates, output will grow by 40 per cent in the former Soviet bloc, 29 per cent in the rest of Eastern Europe, 33 per cent in the Middle East, and 22 per cent in Latin America. Among one-time basket cases, Argentina is forecast to grow by 45 per cent, Nigeria by 40 per cent, Bangladesh by 33 per cent, and Indonesia by 29 per cent.

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