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05/20/11

Iran, second 'growth pole' in region: World Bank

Source: Mehr News Agency

Iran is in the second rank of growth in the Middle East and North Africa region based on "polarity index" report of the World Bank titled "Global Development Horizons 2011-- Multipolarity: The New Global Economy".The report remarks economies that drive growth at the global level tend to appear as growth poles for their regions as well.

The World Bank defines the term 'growth pole' as an economy whose domestic growth helps drive the growth process in other economies. On this basis, Iran ranks the second influential economy in the Middle East (the second 'growth pole' of the region), next to the Saudi Arabia. Egypt is in the third rank of polarity index in the Middle East.

China, Korea Republic and Indonesia are respectively the major economic poles of the East Asia and Pacific zone, according to the World Bank report. Russia, Turkey and Czech Republic are named the top growth poles of the Eastern Europe and Central Asia.

The report also sets India, Bangladesh and Pakistan as the major poles of the South Asia. According the World Bank ranking, Brazil is the first growth pole of Latin America and the Caribbean, and Argentina and Mexico respectively are in the next positions.

By 2025, six major emerging economies - Brazil, China, India, Indonesia, South Korea, and Russia - will account for more than half of all global growth, and the international monetary system will likely no longer be dominated by a single currency, the report added.

As economic power shifts, these successful economies will help drive growth in lower income countries through cross-border commercial and financial transactions, the report added.

According to the report, emerging economies that used to rely on technological adaptation and external demand to grow will have to make structural changes to sustain their growth momentum through productivity gains and robust domestic demand.

... Payvand News - 05/20/11 ... --



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