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Rise of the South: The New Masters of the Global Economy
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Countries of the Northern Hemisphere — the United States, Canada and Western European nations — have traditionally dominated the global economy, controlling everything from raw material exports and imports to commodity trading and capital flows.
But the 21st century has turned this trend on its head: developing countries now concentrate 51% of global trade and, in a spectacular rise over the past 50 years, account for 40% of world GDP. It is estimated that this percentage will increase to 55% by 2025. This has led to major socioeconomic progress in recent years, based mainly on the boom in raw material exports and the new trade ties among Southern Hemisphere countries.
However, lower consumption of raw materials and more global competitors are threatening these advances. In response, Latin America must modify its economic growth model. How can the region continue to grow when demand for commodities has declined? How can we take advantage of new ties with Asia to improve our skills? How can we protect the social advances that enlarged the middle class and reduced poverty? How can Latin America compete with the new power centers of the Asian giants?
These are some of the questions that a group of international experts will discuss in Lima, Peru on Tuesday, May 19 during the presentation of the report, “Latin America and the Rising South: Changing World, Changing Priorities.” The report was prepared by the World Bank’s chief economist for the region and his team.
You can follow the discussion on social networks using the hashtags #RoadtoLima and #RiseoftheSouth and on the World Bank’s Facebook page. During the event, experts will answer questions posted on Facebook.