Accessibility links

Breaking News

Report: Emerging Economies to Fuel Global Growth

Justin Yifu Lin, World Bank chief economist, speaks about China's economy in 2010, at the New York Stock Exchange (File Photo)

The World Bank says six major emerging economies, Brazil, China, India, Indonesia, South Korea, and Russia, will account for more than half of all global economic growth between now and 2025.

In a study released Tuesday, the World Bank also predicts the international monetary system will no longer be dominated by a single currency, but instead successful economies will help drive growth in lower-income nations through trade and financial transactions.

The report says advanced economies such as the European Union, Japan, and the United States will all continue to play a core role in fueling global growth.

World Bank chief economist Justin Yifu Lin has called the economic outlook "multipolar" and says international financial institutions must adapt quickly to keep up with changes in the global economy.