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Global Development Horizons 2011 : Multipolarity - The New Global Economy

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  • World Bank

Abstract

The world economy is in the midst of a transformative change. One of the most visible outcomes of this transformation is the rise of a number of dynamic emerging-market countries to the helm of the global economy. It is likely that, by 2025, emerging economies, such as Brazil, China, India, Indonesia, and the Russian Federation, will be major contributors to global growth, alongside the advanced economies. As they pursue growth opportunities abroad and encouraged by improved policies at home, corporations based in emerging markets are playing an increasingly prominent role in global business and cross border investment. The international monetary system is likely to cease being dominated by a single currency. Emerging-market countries, where three-fourths of official foreign exchange reserves are currently held and whose sovereign wealth funds and other pools of capital are increasingly important sources of international investment, will become key players in financial markets. In short, a new world order with a more diff use distribution of economic power is emerging, thus the shift toward multipolarity. The new report serves as a vehicle for stimulating new thinking and research on anticipated structural changes in the global economic landscape. To retain this forward looking orientation and to serve the World Bank Group's mandate of development and poverty alleviation, it is envisaged that future editions of Global Development Horizon (GDH) will be dedicated to themes of importance to the emerging development agenda and global economic governance, including changing global income inequality, increasing economic insecurity, global population aging, and the future shape of development finance.

Suggested Citation

  • World Bank, 2011. "Global Development Horizons 2011 : Multipolarity - The New Global Economy," World Bank Publications, The World Bank, number 2313.
  • Handle: RePEc:wbk:wbpubs:2313
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/2313/626980PUB0Mult000public00BOX361489B.pdf?sequence=1
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    References listed on IDEAS

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    Cited by:

    1. Didier, Tatiana & Llovet, Ruth & Schmukler, Sergio L., 2017. "International financial integration of East Asia and Pacific," Journal of the Japanese and International Economies, Elsevier, vol. 44(C), pages 52-66.
    2. Mustafa Sakr & Andre Jordaan, 2016. "Emerging Multinational Corporations: A Prominent Player in the Global Economy," Working Papers 201623, University of Pretoria, Department of Economics.
    3. Dailami, Mansoor & Kurlat, Sergio & Lim, Jamus Jerome, 2012. "Bilateral M&A activity from the Global South," The North American Journal of Economics and Finance, Elsevier, vol. 23(3), pages 345-364.
    4. Iulia Monica Oehler-Șincai, 2015. "BRICS’ contribution to the new world order: a capacity appraisal," National Strategies Observer (NOS), Institute for World Economy, Romanian Academy, vol. 2.
    5. Vandana Chandra & Justin Yifu Lin & Yan Wang, 2013. "Leading Dragon Phenomenon: New Opportunities for Catch-up in Low-Income Countries," Asian Development Review, MIT Press, vol. 30(1), pages 52-84, March.
    6. Gosens, Jorrit & Lu, Yonglong, 2013. "From lagging to leading? Technological innovation systems in emerging economies and the case of Chinese wind power," Energy Policy, Elsevier, vol. 60(C), pages 234-250.
    7. Cohen, Benjamin J., 2015. "The Demise of the Dollar?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 18.
    8. van Bergeijk, Peter A.G., 2012. "The Millennium Development Goals post 2015: Towards a global social contract," IOB Working Papers 2012.09, Universiteit Antwerpen, Institute of Development Policy (IOB).
    9. Gosens, Jorrit & Lu, Yonglong, 2014. "Prospects for global market expansion of China’s wind turbine manufacturing industry," Energy Policy, Elsevier, vol. 67(C), pages 301-318.
    10. Peter Brust & Vivekanand Jayakumar, 2012. "Introducing Valuation Effects-Based External Balance Analysis into the Undergraduate Macroeconomics Curricula: A Simple Framework with Applications," The Journal of Economic Education, Taylor & Francis Journals, vol. 43(4), pages 363-376, October.
    11. Devarajan, Shantayanan & Go, Delfin S. & Maliszewska, Maryla & Osorio-Rodarte, Israel & Timmer, Hans, 2015. "Stress-testing Africa's recent growth and poverty performance," Journal of Policy Modeling, Elsevier, vol. 37(4), pages 521-547.
    12. Mustafa Sakr & Andre Jordaan, 2017. "Foreign Market Selection of Emerging Multinational Corporations: Evidence from South African and Egyptian Corporations," Working Papers 201734, University of Pretoria, Department of Economics.
    13. Willoughby, Christopher, 2013. "How much can public private partnership really do for urban transport in developing countries?," Research in Transportation Economics, Elsevier, vol. 40(1), pages 34-55.
    14. Zhang, Cathy, 2014. "An information-based theory of international currency," Journal of International Economics, Elsevier, vol. 93(2), pages 286-301.

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