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By 2035, emerging markets will play a crucial role in shaping the global economy, contributing about 65% of global economic growth.
While supportive demographics, abundant natural resources, evolving trade dynamics and technological innovations in energy and manufacturing could propel their development, geopolitics, climate change and limits to frictionless trade and globalisation could add complexities.Emerging markets will average 4,06% GDP growth through 2035, compared to 1,59% in advanced economies. This growth is driven mainly by emerging markets in Asia including China, India, Vietnam, and the Philippines.
Progress in increasing income levels in emerging markets will be uneven: by 2030, median GDP per capita in the largest emerging markets will be less than a third of developed markets. Emerging markets must compete with cheap labor from frontier economies and increased mechanisation in developed economies to continue their supply chain-led growth; investing in skills and manufacturing automation is key.
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