LAGOS — The global financial system would no longer be dominated by the dollar or any single currency by 2025 and six major emerging economies— Brazil, China, India, Indonesia, South Korea, and Russia—will account for more than half of all global growth, says a new World Bank report.
The report, Global Development Horizons 2011-Multipolarity: The New Global Economy, projects that as a group, emerging economies will grow on average by 4.7 per cent a year between 2011 and 2025. Advanced economies, meanwhile, are forecast to grow by 2.3 per cent over the same period, yet will remain prominent in the global economy, with the euro area, Japan, the United Kingdom, and the United States all playing a core role in fueling global growth.
