“In short, a new world order with a more diffused distribution of economic power is emerging–thus the shift toward multi- polarity,” the World Bank report.

This has been the plan all along, folks...

World Bank: A New World Order Emerging

The World Bank noted that emerging markets now account for two- thirds of the world’s foreign exchange reserves–a reversal of the picture of the previous decade when industrialized countries owned the bulk of the reserves.

China has the biggest share of the global reserves among emerging markets at US$3 trillion.

“In short, a new world order with a more diffused distribution of economic power is emerging–thus the shift toward multi- polarity,” the World Bank report.

The rising role of emerging markets would eventually diminish the primacy of the US dollar in international trade and finance. Eventually, countries would keep almost equal shares of the US dollar, the euro and the renminbi in their foreign exchange reserves, the bank added.

“Over the next decade or so, China’s size and the rapid globalization of its corporations and banks will likely mean a more important role for the renminbi. The most likely global currency scenario in 2025 will be a multi-currency systm centered around the dollar, the euro, and the renminbi,” the report said.

After the worst global financial crisis, which peaked in 2009, industrialised nations like the United States and those in Europe have posted only moderate growths, some of them cannot even be sustained, according to some economic analysts.

The United States is battling with its growing debt. Some members of the European Union are also trying to cope with their debt woes.

On the other hand, emerging economies grew significantly last year and are expected this year to again outperform rich countries in terms of growth rates.

The report highlights the diversity of potential emerging economy growth poles, some of which have relied heavily on exports, such as China and South Korea, and others that put more weight on domestic consumption, such as Brazil and Mexico.

With the emergence of a substantial middle class in developing countries and demographic transitions underway in several major East Asian economies, stronger consumption trends are likely to prevail, which in turn can serve as a source of sustained global growth.

“In many big emerging economies, the growing role of domestic demand is already apparent and outsourcing is already under way.

Link:
http://beforeitsnews.com/story/653/595/World_Bank:_A_New_World_Order_Emerging.html