Earlier this week, IMF chief Christine Lagarde said the global economy has entered a “three-speed recovery”: Emerging economies are faring well, countries including the United States are on the mend, and the euro zone and Japan are not yet out of the woods.
This latest picture features rapid growth among emerging economies, with developing Asian countries and sub-Saharan Africa leading the pack with 75 percent growth over the last five years.
After a year of stifled performance, overall Asian growth is set to pick up steam this year and hit 5.75 percent, up by half a percentage point from the previous year.
In China, growth is on track with earlier predictions, at a rapid clip of around 8 percent this year, and is projected to pick up to 8.25 percent next year.
Japan’s stimulus is expected to help sustain growth at 1.5 percent this year, the IMF said.
Brookings Institution Senior Fellow Barry Bosworth echoed ongoing IMF recommendations that export-led countries, especially those in Asia, boost domestic demand from newly wealthy consumers to shore up their economies against the crisis-riddled West.
“The lesson for the emerging markets is to reduce their reliance on exports to the global market and shift to greater emphasis on development of their domestic markets,” the former White House economist told Xinhua. “That is what China has been trying to do.”
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