November 03, 2009

Since we know that the world economy has expanded since 1987, we can safely conclude that for income convergence to occur, the emerging markets have had to grow faster than developed countries. Between 1987 and 2008, the world nominal GDP grew at an average 5.6% annual rate. Developed countries grew at a slower 5.3% rate while the emerging market economies grew at a faster, above average growth rate of 7.4%.

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