Global Emerging Economies: Development Realities and Prospects

Li Jinhua (李金华)*

Institute of Quantitative & Technical Economics, Chinese Academy of Social Sciences (CASS); University of Chinese Academy of Social Sciences, Beijing, China

Abstract: Economic globalization has catalyzed the global flow of economic factors and set the stage for the rise of fast-developing emerging economies with worldwide influence. Research has found that the emerging economies of China, Brazil, Russia, India, and South Africa have experienced significantly varying changes in their per capita GDP over time. Over the past decade, China has maintained a steady rate of economic growth with subdued volatility. In contrast, Brazil, Russia, India, and South Africa have all registered more volatility in their rates of growth. China has no significant correlation with other emerging economies in terms of imports and exports in goods and services and foreign direct investment (FDI), and their mutual influences are not evident. Going forward, for sustainable socio-economic development, China needs to optimize its industrial structure, promote the enhancement of ecological and institutional environments, and bring about all-round socio-economic progress, by initiating a new round of opening up at a higher level, broadening the space for international cooperation, building an open economy, promoting equal opportunity, and pursuing an inclusive path of growth.

Keywords: emerging economies, development realities, reflections on prospects

JEL Classification Code: F114

DOI: 10.19602/j.chinaeconomist.2021.07.01