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EMERGING NATIONS MAY ACCOUNT FOR 60% OF GLOBAL ECONOMY BY 2030

The Economic Times, June 27, 2010

NEW DELHI: Bolstered by rapid growth and increasing domestic consumption, developing nations -- including India -- will account for 60 per cent of t he global output by 2030, the OECD has said.

A grouping of mostly developed nations, the Organisation for Economic Cooperation and Development (OECD) said that the rapid growth of emerging nations has resulted in a global economic power shift.

"The global GDP growth over the last decade owes more to the developing world than high-income economies. If this trend continues, developing countries will account for nearly 60 per cent of the world GDP on a purchasing-power parity by 2030," OECD secretary-general Angel Gurria said.

According to the 31-nation grouping, the power shift towards developing nations has been accelerated by the financial meltdown. OECD nations, including the US, France and Germany, currently make up for more than 60 per cent of the world economy.

Gurria pointed out that while high-income countries were languishing in the worst recession since the 1930s, China and India continued to power ahead.

"This is not a single standalone event, but the sign of an important structural transformation in the global economy..." Gurria noted in a statement on Friday, ahead of the G-20 Summit in Toronto, Canada.

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