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Emerging economies to prop up global growth: economists

posted 24 Jan 2013, 04:09 by Mpelembe   [ updated 24 Jan 2013, 04:10 ]

 Switzerland-World Economic Forum -- Emerging economies to prop up global growth: economists

 China Central Television (CCTV)/World Economic Forum - Emerging economies, which are growing at a relatively rapid pace, will drive global economic recovery, according to predictions made many economists at the 2013 World Economic Forum that opened Wednesday in the Swiss town of Davos.

The first-day of discussion at this year's five-day meeting for global political and business elites focused on the development situation and future prospects of the world's emerging economies, including ChinaRussia and South Africa.

During a 30-minute speech in an open panel discussion, Russian Prime Minister Dmitry Medvedev said that his country's five percent unemployment rate, the lowest among developed countries, as well as the low external debts are its notable economic advantages. At the same time, it is also trying to attract more foreign investment to achieve an over four percent annual GDP growth.

"We need to see investments growing by 10 percent annually for at least a few years in a row. Therefore, we are always interested in attracting large-scaled foreign investment," the prime minister said.

In a television debate over Africa's investment risks, South Africa's President Jacob Zuma said the African economy is developing on the right track, with African leaders strengthening cooperation to ensure sustainable growth on the continent.

Travor Manuel, chairman of the African National Planning Commission, revealed what are considered the major challenges facing South Africa.

"There are two big challenges in front of us. The first of those is, the state of the global economy, and the second is commodity prices, because we haven't quite been able to develop beyond commodity prices," he said.

Meanwhile, ex-Mexican President Felipe Calderon showed confidence in his country's economic outlook.

"There is a risk of course related with the problems of public finances and the deficit in the United States, and of course the recessions of Europe. Nevertheless, I think that it could be, probably we are passing through one of the inflection points in the economic situation probably next year," he explained.

Analysts believe that emerging economies, which have shown general growth amid the slowdown in Europe and the United States, will play an increasingly important role in the global economy.

"Generally speaking, the emerging markets have grown normally so the trend shows they are still propping up the global growth," said Chinese economist Fan Gang.

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