The growing number of international corporations, including many from emerging markets, with a significant share of their international high-order decision-making operations based in cities such as Shanghai or Sao Paulo. The economy of major cities in the emerging world are growing at a pace of 6% to 7% annually, compared to less than 1% to 2% in London, New York and Tokyo.īut other signs other than growth indicate a shift in the global urban economic hierarchy, including:ġ. If current trends remain constant, cities such as Shanghai, Beijing, Mexico City, Mumbai and Sao Paulo will rival London, New York, Tokyo and Hong Kong as the world`s leading financial centres and business hubs as early as 2025. Emerging countries will become more than ever the backbone of the world`s economy.īehind the significance of the economic role of emerging nations lies yet another striking phenomenon: the rapid rise of new world cities. By 2020, the BRICS and other key emerging countries are expected to generate over 50% of the global economic growth, while the G7 (the US, UK, Germany, France, Italy, Japan and Canada) is expected to account for less than 15% of it. Investors and corporations are eyeing emerging countries for potential growth opportunities, including the BRICS countries (Brazil, Russia, India, China and South Africa) and many newcomers (Mexico, Colombia, Vietnam, Indonesia, and more) as Europe and North America are still living the aftermath of the financial downtown. China and India combined now account for 20% of the global economy, while they were responsible for only 5% in 1980. Not only did they outpace growth of developed nations, they have now become an essential pillar of the world economy. Over the past decades, emerging nations have experienced astonishing economic growth and social progress.
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