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Economics (3rd edition): Making sense of the Modern Economy by Saugato Datta

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5 Before the storm: the forces at work

The new titans

China, India and other developing countries are set to give the world economy its biggest boost in the whole of history, says Pam Woodall. What will that mean for today’s rich countries?

IN 2005 THE COMBINED OUTPUT of emerging economies reached an important milestone: it accounted for more than half of total world GDP (measured at purchasing-power parity). This means that the rich countries no longer dominate the global economy. The developing countries also have a far greater influence on the performance of the rich economies than is generally realised. Emerging economies are driving global growth and having a big impact on developed countries’ inflation, interest rates, wages and profits. ...

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