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Global Growth and Distribution: Asia and its Progression to Developed Status

In: From Growth to Convergence

Author

Listed:
  • Maurizio Bussolo
  • Rafael E. Hoyos
  • Denis Medvedev
  • Dominique Mensbrugghe

Abstract

During the 1980s, developing countries accounted for around one sixth of global production; in 2005 this share reached almost one quarter. This shift is to a great extent explained by the progressive economic expansion of the People’s Republic of China (PRC) and India, the world’s most populous countries. Over the last 25 years, average incomes in the two countries have grown at the impressive rate of 9% and 4%, respectively. Their increasing level of integration with the global economy—together with their importance in terms of world population (37.5% in 2005) and market size (6.4% of world output in 2005)—makes economic performance in these two giants an important element of global development: between 1995 and 2005, growth in these two countries accounted for 16% of global growth (Winters and Yusuf, 2006).

Suggested Citation

  • Maurizio Bussolo & Rafael E. Hoyos & Denis Medvedev & Dominique Mensbrugghe, 2009. "Global Growth and Distribution: Asia and its Progression to Developed Status," Palgrave Macmillan Books, in: Fan Zhai (ed.), From Growth to Convergence, chapter 9, pages 284-324, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-25060-4_9
    DOI: 10.1057/9780230250604_9
    as

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