By MOTOKO RICH, May 17, 2011
New York Times
With China overtaking Japan as the world’s second-largest economy last year, there can be no doubt that emerging markets are becoming increasingly powerful.
A new report from the World Bank predicts that by 2025, China, along with five other emerging economies — Brazil, India, Indonesia, South Korea and Russia — will account for more than half of all global growth, up from one-third now.
The report, “Global Development Horizons 2011 — Multipolarity: The New Global Economy,” also anticipates that the dollar will be joined by the euro and the renminbi as dominant international currencies. The Chinese government is already easing currency controls and has taken other steps to help the renminbi become a fully convertible reserve currency, which would make it easier for foreign companies to finance projects in China.