The world economy has dramatically changed in the last 20 years, and it’s a trend likely to continue, as countries in the South take the lead in driving global economic growth.
"Back in 1999, almost 70 percent of world growth was due to developed economies, while in 2009, basically all world growth was explained by the contribution of developing countries," said Pierguiseppe Fortunato, of UNCTAD’s Unit on Economic Cooperation and Integration among Developing Countries.
In this presentation, filmed during a Virtual Institute Study Tour for Russian member universities, Fortunato conducts an in-depth analysis of the reasons behind the shift of world wealth, the rise of the South, and the role of Brazil, Russia, China and India (BRIC) as the "bricks" to build the new world order.
Furthermore, he addresses crucial questions on whether the growth in the South can be sustained without rising demand from the North, and whether this new-found prosperity is distributed equally.
"The South is catching up," he said, "but not all the South, all together."