More and more countries with formerly rather closed economies have opened themselves to the world market. Thus, new players have entered on to the global stage and are becoming increasingly relevant economic powers and, as a result, competitors to established developed countries. As a consequence, the process of globalisation is leading to a shift in weights within the global economy.
This shift is nothing exceptional. It is quite a natural development which simply reflects the continuously evolving global economic landscape. While these developments have implications for many areas of economic policy, we should not forget that in the end globalisation is one of the most powerful forces to increase living standards.