Emerging and Developing Economies Drive Global Economic Growth
The financial crisis has caused the "emerging" and "developing" economies to replace "advanced" economies to lead global economic growth. Previously "advanced" economies accounted for only 29% of incremental global nominal GDP while emerging and developing economies accounted for 71% of incremental global nominal GDP from 2007 to 2013 according to International Monetary Fund. In this graph, the names of emergent economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.
| Economy | Nominal GDP (billions in USD) |
|---|---|
| (01) China | 5,526.074 |
| (02) United States | 2,209.071 |
| (03) Brazil | 1,090.443 |
| (04) Russia | 913.864 |
| (05) India | 812.698 |
| (06) Japan | 793.550 |
| (07) Australia | 643.736 |
| (08) Indonesia | 514.208 |
| (09) Canada | 385.770 |
| (10) Saudi Arabia | 329.652 |
| (11) Germany | 269.376 |
| (12) Mexico | 239.934 |
| (13) Argentina | 238.627 |
| (14) South Korea | 209.347 |
| (15) Turkey | 202.692 |
| (16) Switzerland | 197.256 |
| (17) Thailand | 178.008 |
| (18) Colombia | 177.853 |
| (19) France | 153.159 |
| (20) Iraq | 144.459 |
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The twenty largest economies contributing to global nominal GDP growth (2007–2013) |
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Read more about this topic: Late-2000s Financial Crisis
Famous quotes containing the words economic growth, emerging, developing, drive, global, economic and/or growth:
“Economic growth may one day turn out to be a curse rather than a good, and under no conditions can it either lead into freedom or constitute a proof for its existence.”
—Hannah Arendt (1906–1975)
“Adolescents, for all their self-involvement, are emerging from the self-centeredness of childhood. Their perception of other people has more depth. They are better equipped at appreciating others’ reasons for action, or the basis of others’ emotions. But this maturity functions in a piecemeal fashion. They show more understanding of their friends, but not of their teachers.”
—Terri Apter (20th century)
“Every society consists of men in the process of developing from children into parents. To assure continuity of tradition, society must early prepare for parenthood in its children; and it must take care of the unavoidable remnants of infantility in its adults. This is a large order, especially since a society needs many beings who can follow, a few who can lead, and some who can do both, alternately or in different areas of life.”
—Erik H. Erikson (1904–1994)
“we, outlaws on God’s property,
Fling out imagination beyond the skies,
Wishing a tangible good from the unknown.
And likewise death will drive us from the scene
With the great flowering world unbroken yet,
Which we held in idea, a little handful.”
—Richard Eberhart (b. 1904)
“Ours is a brand—new world of allatonceness. “Time” has ceased, “space” has vanished. We now live in a global village ... a simultaneous happening.”
—Marshall McLuhan (1911–1980)
“If in the earlier part of the century, middle-class children suffered from overattentive mothers, from being “mother’s only accomplishment,” today’s children may suffer from an underestimation of their needs. Our idea of what a child needs in each case reflects what parents need. The child’s needs are thus a cultural football in an economic and marital game.”
—Arlie Hochschild (20th century)
“Sensuality often accelerates the growth of love so much that its roots remain weak and are easily pulled up.”
—Friedrich Nietzsche (1844–1900)