Beyond the immediate consequences of the financial crisis, a major change in the world economy is underway. Over the last twenty years, economic and political power have been shifting toward the developing world and emerging economies. Presenting evidence that documents the power shift, this report clarifies the new global reality and what it means for development.
A number of developing countries have become centers of strong growth and major players in regional or global affairs. Flows of trade, aid, and investment between developing countries have all intensified. Old ways of viewing the world as divided between developed and developing countries are increasingly outdated. This demands a rethink of how to promote progress and reduce poverty and inequality.
The Global Development Outlook will help policymakers make informed decisions based on insightful analysis and accurate data and statistics that better reflect the dynamics of the new global economy. The book suggests ways in which developing countries can best take advantage of the new economic landscape while avoiding potential pitfalls.