This contrast between the economic performances of the key emerging countries and those of the older industrial economies in the past few years is seeing a marked acceleration in the shift in the world economy’s centre of gravity towards the east (or west, if viewing from North America).
Since the beginning of 2008, Asia (excluding Japan) has accounted for about 70 per cent of the growth in global GDP (measured on a purchasing power parity basis). It has also accounted for about 70 per cent of the growth in global demand over that period. This compares with a figure of about 30 per cent over the period 2000–2007.