Emerging markets and developing countries (EMDCs) have rapidly ascended as significant drivers of global economic growth in the 21st century, according to experts at a recent forum held in Beijing.
At the EMDC Development and Cooperation Beijing Forum, which brought together over 300 representatives from governments, industry associations, think tanks, media organizations, and businesses worldwide, Lin Songtian, President of the Chinese People’s Association for Friendship with Foreign Countries, highlighted that the economic scale of EMDCs now accounts for half of the global economy and contributes approximately 80 percent of the world’s economic growth.
The International Monetary Fund’s World Economic Outlook released on the same occasion projected a growth rate of 4 percent for emerging markets and developing economies in 2023 and 4.1 percent in 2024.
The rise of China as the world’s second-largest economy has provided developing nations with opportunities to participate in the international arena, emphasized Paul Tembe, a senior researcher at the Department of Linguistics and Modern Languages, Chinese Section at the University of South Africa.
Cooperation emerged as a key theme during the forum, with participants acknowledging its importance in unlocking the growth potential of EMDCs. China has been at the forefront of promoting cooperation across various sectors.
Lu Yimin, General Manager of China General Technology (Group) Holding Co., Ltd., cited the successful joint venture with Kazakhstan, the Allur Group, which has significantly bolstered the local automobile industry and related sectors through increased production and sales.
The China Communication Construction Co., Ltd. has also made strides in infrastructure projects worldwide, such as the Samal Island-Davao City Connector Bridge in the Philippines and Cambodia’s Phnom Penh-Sihanoukville Expressway, generating thousands of job opportunities for locals.
Experts and industry observers at the forum also hailed China’s Global Development Initiative (GDI), introduced in September 2021, as a unifying force for EMDCs. Over 100 countries and international organizations have expressed their support for the GDI, with ongoing projects aiding 40 countries in areas like poverty relief and grain security.
Looking ahead, the forum recommended digital economy and low-carbon initiatives as future areas of cooperation among emerging markets. Experts emphasized the importance of embracing technologies like big data, the Internet of Things, and Artificial Intelligence to create an open, fair, and inclusive environment for the digital economy.
Atul Dalakoti, founder of the BRICS Center for Economic Cultural Research & Services, underscored the necessity for developing countries to foster political will and work closely together, given protective policies put in place by developed countries.
China’s remarkable growth in the digital economy from 2016 to 2022 further solidifies its leadership in this field. With the upcoming BRICS Summit in South Africa, EMDCs have an opportunity to strengthen their bonds and play a pivotal role in transforming global economic governance.
In conclusion, the forum in Beijing showcased the remarkable growth and cooperation potential of emerging markets and developing countries, highlighting the significance of collaborative efforts for fostering continued global prosperity.
