|Source - The Economist|
The Economist - For the past couple of decades, emerging economies have grabbed a rising share of world manufacturing production and exports, thanks to their lower wage costs. They already produce more than half the world’s exports. But an important new milestone will be reached in 2012, when they will import more goods than rich economies.
That is a dramatic change since 2000, when they imported barely half as much as rich countries did. This rapid growth in developing countries’ buying power will boost the profits of companies in rich economies over the coming years.