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The world's GDP has grown by an average of 3.2% a year over the last five years which beats the 2.9% growth during the golden ages of 1950-73. This growth has been due to the growth in emerging economies. Their share of world exports has jumped from 23% in 1970 to 43% in 2006. What is it that is causing all this talk now if we know that emerging economies are growing faster than developed economies for a long time? The reason is that the gap in growth rates is larger than ever. What is causing this huge growth in emerging economies is their openness to trade and investment with the rest of the world...
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