Emerging markets and developing economies are expected to grow by 4% in 2023 and 4.1% in 2024, an IMF report shows. —Xinhua
BEIJING: Emerging markets and developing countries (EMDCs) have risen rapidly since the start of the 21st Century, becoming a significant driving force of global economic growth, experts have said during a recent forum in Beijing.
During this period, the economic scale of EMDCs had accounted for half of the global economy, contributing around 80% of world economic growth, Lin Songtian, president of the Chinese People’s Association for Friendship with Foreign Countries said at the EMDC Development and Cooperation Beijing Forum.
With the theme of Promoting Solidarity and Cooperation, Building Momentum for Growth, the forum assembled over 300 representatives from governments, industry associations, think tanks, media organisations and businesses around the world.
According to the World Economic Outlook released by the International Monetary Fund on Tuesday, emerging markets and developing economies are expected to grow by 4% in 2023 and 4.1% in 2024.
The rise of China as the world’s second largest economy has offered most developing nations an opportunity to participate in the international arena and have an impact, Paul Tembe, senior researcher at the Department of Linguistics and Modern Languages, Chinese Section at the University of South Africa, said at the forum.Participants at the forum noted that cooperation is the key to tapping the growth potential of EMDCs.
China has been a pioneer in promoting cooperation in multiple areas. — Xinhua
