Changing balance of economic power Related to the globalization process is the fact that, in recent times, the world has witnessed a change in the balance of economic power. Observers suggest that 50 years ago, 60 percent of global GDP had come from within the original G7 countries and the balance from the rest of the world; but now the situation has reversed.
There is no doubt that this change is a challenge to the Bretton Woods institutions. For instance, it so happens that no advanced industrialised country has borrowed from the Fund for more than 20 years, and yet these countries tend to dominate decision-making.