China News Service, Beijing, December 27 (Reporter Li Xiaoyu) Despite facing various tests such as the Federal Reserve's continued aggressive interest rate hikes and the prolongation of the Ukraine crisis, 2023 will still be a "shining" year for many developing countries and emerging economies.
This year, China's economy still maintained a positive upward trend. The International Monetary Fund (IMF), the Organization for Economic Co-operation and Development (OECD), the Asian Development Bank and many other international organizations and institutions have raised their forecasts for China's economic growth this year, casting a "vote of confidence" in China's economy. It is widely believed that China is the largest engine of global economic growth and will contribute one-third of global growth this year.
The picture shows the Managing Director of the International Monetary Organization, Georgieva, attending the Boao Forum for Asia Annual Conference 2023 and delivering a speech. (*From China News Service).
Thanks to its strong economic growth, India has also been favored by global investors this year, with a market capitalization exceeding the $4 trillion mark. The Asian Development Bank (ADB) recently raised its forecast for the growth of developing economies in the Asia-Pacific region this year, taking into account higher-than-expected economic growth in China and India.
Russia's gross domestic product (GDP) growth rate this year is expected to reach 3 by the end of the year, Putin said5%, "this is a very good indicator", reversing the trend of last year's contraction in economic aggregates;The unemployment rate fell to 29%, the lowest level in history, and the real disposable income of residents is also growing.
Brazil's economic performance is also remarkable. According to the IMF's rankings, Brazil surpassed Canada this year to rank ninth among the top 10 economies in terms of global economic aggregate. Brazil's central bank recently also raised its forecast for the country's economic growth this year from 29% to 3%.
This "shine" is not accidental. According to the IMF, the average economic growth rate in emerging market and developing economies from 2000 to 2023 is 52%, 3 percent higher than the average growth rate of advanced economies3 percentage points. The IMF also expects emerging market and developing economies to further rise to 61 percent of global GDP over the next five years5 per cent, 23 more than the share of advanced economies0 percentage points. This means that the global balance of economic power is shifting in favor of developing and emerging economies.
In addition, economic and trade ties between developing and emerging economies have become closer. As the dividends of the Regional Comprehensive Economic Partnership (RCEP) continue to be released, ASEAN is now China's largest partner. Chinese companies see ASEAN as an ideal investment destination, and a recent survey by the China Council for the Promotion of International Trade showed that about 70% of Chinese companies surveyed are ready to expand their business in ASEAN.
In 2023, many Latin American countries such as Argentina and Brazil will increase the use of RMB in the import and export process. Taking Bank of China as an example, in the first eight months of this year, the bank's overseas institutions handled cross-border RMB settlement business143 trillion yuan, of which the cross-border RMB settlement business handled by institutions in the "Belt and Road" countries increased by more than 90% year-on-year.
Analysts believe that the deepening of economic and trade cooperation among developing countries is more conducive to building consensus and synergy on global development governance, forming more pragmatic and effective actions, and enabling more and better development outcomes to benefit the people of all countries.
Looking ahead to 2024, although global economic growth may encounter a "mediocre year", developing countries are still expected to continue to "shine".
The IMF said in an October report that many emerging economies have shown stronger resilience than expected, and that they are expected to grow by 4.0 next year0%, significantly higher than the advanced economies of 14% growth.
However, Zhang Ming, deputy director of the Institute of Finance and Economics of the Chinese Academy of Social Sciences, reminded that emerging markets and developing countries with low domestic savings rates, high current account deficits, and large foreign currency debts will still face higher risks in the coming period. (ENDS).
Written by Li Xiaoyu.