The decoupling of economic growth in world economy in the last decade and development strategies

Abstract

A new stylized fact occurred in the last decade: the contribution of China and other developing countries to the global GDP was bigger than that explained by the US and other industrialized countries (Arceo; Urturi, 2010). Between 2000 and 2008, almost 60% of global GDP growth took place in developing countries (The Economist, 2009). This faster economic growth in China and countries like Brazil, India, Russia, South Africa – 30% of the global GDP growth between 2000 and 2008 (The Economist, 2009)- was strongly diffused among other less developed countries in Africa and Latin America. Associated with this transformation the South-South trade had a huge expansion.