There is little doubt that there has been a tectonic shift in the drivers of global growth. The emergence of countries such as Brazil, Russia, China and India, for example, has changed the epicentre of global economic activity.
1  This report is based on data and information available at the time of the Bank of Japan Monetary Policy Meeting held on February 4 and 5, 2004. 2  The Bank's view was determined by the Policy Board at the Monetary Policy Meeting held on February 4 and 5, 2004. BIS Review 8/2004  1