A new World Bank document has projected that six major emerging economies, including India, would account for more than half of the global growth by 2025 and it is likely that the global monetary system will not be dominated by any single currency by that time.
In its latest report 'Global Development Horizons 2011 - Multi polarity: The New Global Economy', the bank said that with shift in economic power, these successful economies would help drive growth in lower income countries through cross border commercial and financial transactions.
The report also says that six countries, i.e., Brazil, China, India, Indonesia, South Korea and Russia, would grow on an average by 4.7% annually between 2011 and 2025.
The report states that nonetheless, the advanced economies, which are expected to grow by 2.3% over the same period, will remain prominent in the global economy, with Europe, Japan, the UK and the US all playing vital roles in boosting global growth.
Mr Justin Yifu Lin chief economist and SVP of development economics at World Bank observes that the speedy rise of emerging economies has resulted in a shift whereby the centers of economic growth are distributed across developed and developing economies. He said that "It's a truly multi polar world."