According to the data released by IMF, in 2007, developed economies only grew by 2.7%, while emerging and developing economies grew by 8%. The GDP of India, Russia and Brazil all exceeded the trillion-dollar mark and were promoted to the top 12 of the world economy. China ranks fourth in the world with over 2 trillion US dollars. China, Indian and Russian contributed more than half of the global economic growth. The "new diamond" countries also performed well. It is predicted that in 2025, eight countries including Mexico, Indonesia, Turkey, Iran and Vietnam will rank among the top 20 in the world economy. On the list of the world's top 500 enterprises in 2008, there are 35 in China, 7 in India, only 1998, and 5 in Mexico and Russia.
Based on the outstanding performance of emerging economies, more and more people realize that emerging economies are becoming "the source of world economic stability" when developed economies are troubled by the financial crisis. Some analysts think there are no eggs under the nest. Under the background of economic globalization and financial integration, it is really difficult for emerging economies to be immune. The situation in most countries is very similar, with the withdrawal of foreign capital, the depreciation of local currency and the increasing pressure of debt repayment.
Under the influence of the financial crisis, the Korean won depreciated by nearly 30% compared with 2007, the highest value since the outbreak of the Asian financial crisis in 1997.
It seems that Russia will bid farewell to "golden decade". Due to the financial turmoil and the drop in international crude oil prices, the stock market has turned sharply, and its market value has evaporated by nearly two-thirds in less than half a year. At the same time, due to the dispute between Russia and Georgia, foreign capital began to flow out in August, and by the beginning of 10, the freely convertible foreign exchange reserves in the banking system had lost nearly 40 billion US dollars.
In 2007, Central and Eastern Europe replaced Asia as an emerging market attracting the most foreign investment. Of the $780 billion in global investment in emerging markets, $365 billion flows to Central and Eastern Europe, most of which are financial products based on bank debt. The financial crisis caused a large number of foreign capital to flee, and the market value of Ukrainian stock market fell by 70%.
John Lipski, First Vice President of the International Monetary Fund, said that the impact of the financial crisis has become increasingly significant, and the growth rate of emerging economies has slowed down rapidly. Although the economic growth rate of emerging economies has slowed down, experts have analyzed that after experiencing the impact of the financial crisis, emerging economies have adjusted their economic structures, increased their foreign exchange reserves, improved their financial systems, and enhanced their ability to resist risks, and the world economy will continue to grow.
O 'Neill, head of global economic research at Goldman Sachs, has high hopes for emerging economies. He believes that the strong domestic demand in emerging economies is enough to completely offset the sharp decline in domestic consumer demand in the United States, and predicts that the BRIC countries, which account for 0/6% of global GDP/KLOC, will help the global economy maintain a growth rate of 3% to 4%. The economy of the United States, Japan and Europe is still an important engine of the world economy, but the contribution rate of emerging and developing economies to world economic growth is rising and becoming the main driving force of world economic growth. Relevant data show that the gross domestic product (GDP) of emerging markets has accounted for 50% of the world, trade volume accounts for 40%, and foreign exchange reserves account for 70%. Experts pointed out that with the outbreak of the financial crisis, western developed economies have entered recession, and the focus of the world economy will continue to shift to emerging economies.
Facing the increasingly severe global economic and financial situation, emerging economies have also encountered unprecedented challenges. However, in the darkness, emerging economies have shown some positive signs to the world. According to the report released by the World Trade Organization, the total import volume of Viet Nam, China and Singapore increased by 32%, 17% and 1% respectively in February. The report said: "This may be evidence that (trade) has slowed down or even bottomed out."
In today's economic globalization, the global crisis needs a global response. The formation of G20 itself shows that the developed countries represented by G8 have felt unable to cope with the global financial crisis. As World Bank President Robert Zoellick advocated, we need a flexible and efficient "new multilateralism" that embraces developed countries, emerging economies and developing countries and adapts to the needs of this era.