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China, India becoming leaders in world economic growth: IMF
He said
"For the first time, the largest contribution to global growth will now be made by
"Looking ahead, we expect this pattern of growth to continue ... we expect
He said
After slowing down, the
"Prospects in Europe and
"The outlook for the global economy is generally good and the economic prospects of most countries in emerging
At the same time, Rato warned that the oil market and capital flows were a major concern.
While the global economy had easily shrugged off the high oil prices driven by increased demand, "a supply shock could be much more damaging to global growth."
Inflows of capital to emerging economies could "complicate macro-economic management and expose the countries that receive them to an abrupt reversal of flows when sudden shocks occur," he added.
Rato also said there was a "danger of a backlash against globalization" as many people felt it mainly benefited the wealthy and educated.
He said the best way to address this inequality was to increase investment in education and technology and give the poor more access to infrastructure, utilities and financial services so they could also benefit from gloabilization as well.
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