Economic Growth And Export Performance

The great reshuffle in the world economic order: The world's economy is changing at an unprecedented

rate. Many countries have successfully managed the potential of an open trading system to boost their exports of manufactured goods and services relative to traditional commodity exports and to enjoy sustained rates of GDP growth. 

China has become the world's biggest exporter after the EU and the third largest economy after the EU and the US. 

India, Brazil and other emerging economies are following a similar path. They have attracted Foreign Direct Investment (FDI) and are now key global investors themselves. 

Emerging economies are leading world growth and are recognized as major economic and political players internationally. 

They are strengthening their presence in poorer countries and their links with them. For the first time in recent history, developing countries as a whole account for more than half of world trade. 

The global economic and financial crisis has accelerated the shift in economic power away from developed countries towards emerging economies, which are now seen as part of the solution to the crisis.

Openness to trade has been a key element of successful growth and development strategies. 

No country has ever been able to sustain long-term growth without integrating into the world economy. 

Access to markets abroad enables greater economies of scale and specialization, while access to cheaper and more varied inputs, including more efficient services, opens up new production possibilities. 

FDI has also become an essential contributor to economic growth and export performance (for example foreign affiliates today account for 75% of China's trade). 

Openness for mobility of people can contribute to the transfers of skills as well as investments to developing countries.