Emerging economies now have greater heft on many measures than developed ones
From The Economist: ON JULY 29th government number-crunchers revised downwards America’s real GDP figures for the past few years. It now turns out that the country’s output in the second quarter was still below its level at the end of 2007. The story is similar in many other rich countries. In contrast, emerging economies’ total output has jumped by almost 20% over the same period. The rich world’s woes have clearly hastened the shift in global economic power towards the emerging markets. But exactly how big are emerging economies compared with the developed world?