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Emerging Economies, Productivity Growth, and Trade with Resource-Rich Economies by 2030

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  • Anderson, Kym
  • Strutt, Anna

Abstract

Rapid economic growth in some emerging economies in recent decades has significantly increased their global economic importance. If this rapid growth continues and is strongest in resource-poor Asian economies, the growth in global demand for imports of primary products also will continue, to the on-going benefit of natural resource-rich countries. This paper explores how global production, consumption and trade patterns might change over the next two decades in the course of economic development and structural changes under various scenarios. We employ the GTAP model and Version 8 of the GTAP database, along with supplementary data from a range of sources to support projections of the global economy from 2007 to 2030. We first project a baseline assuming trade-related policies do not change in each region but that factor endowments and real GDP grow at exogenously-estimated rates. That baseline is compared with two alternative scenarios: one in which the growth rates of China and India are lower by one-quarter, and the other in which this slowdown in emerging economies leads to slower productivity growth in the primary sectors of all countries. Throughout the results, implications for natural resource-abundant economies including Australia and New Zealand are drawn out.

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Paper provided by Australian Agricultural and Resource Economics Society in its series 2013 Conference (57th), February 5-8, 2013, Sydney, Australia with number 152134.

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Date of creation: Feb 2013
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Handle: RePEc:ags:aare13:152134

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Keywords: Global economy-wide model projections; Asian economic growth and structural change; booming sector economics; food security; Food Security and Poverty; International Relations/Trade; Public Economics; D58; F13; F15; F17; Q17;

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Cited by:
  1. Kym Anderson & Anna Strutt, 2014. "Implications for Indonesia of Asia's Rise in the Global Economy," Departmental Working Papers 2014-10, The Australian National University, Arndt-Corden Department of Economics.

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