GLOBAL DEMAND GROWTH FROM SINGAPORE’S PERSPECTIVE
The global economy has been on a “dual track”, with emerging economies growing at a much faster pace compared to their developed counterparts over the past few years. As a result, the contributions of emerging economies towards world GDP growth have increased (Exhibit 1A). For example, key emerging Asian economies (Greater China and the ASEAN-4) are estimated to account for around 37 per cent of world GDP growth in 2010, compared to less than 30 per cent in the early 2000s.1 Over the medium to longer term, the contributions from emerging Asia could rise further, given the region’s strong economic fundamentals and better growth prospects underpinned by rapid urbanisation and supportive demographics. These economies therefore present immense demand potential and economic opportunities to the rest of the world.
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