Beyond the cleavage with the West, the global South's strategic interests are also very different and sometimes even divergent. Between profound heterogeneity and real opportunities, which emerging countries can make the most of the change taking place on the world economic stage?
Coface's central scenario for this year is a ( extended ) soft landing for the world economy (+2.3% after +2.6% in 2023). While geopolitical risks (Red Sea, Middle East) may disrupt global supply chains, and inflationary pressures are not only a distant memory for advanced economies and businesses, global growth should still be above 2%. "And this is more than ever thanks to the emerging economies," stresses Bruno de MOURA FERNANDES, Head of Macroeconomic Research at Coface.
Challenging Western values, China-US antagonism: in this reshaping world, emerging economies can take advantage by offering concessions or opportunities to China, the United States or any other regional power.
Over 70% of global growth generated by emerging economies
Emerging countries will be the main drivers of the global economy in 2024
"Faced with a slowdown in the United States and continued sluggish growth in the eurozone, the emerging countries will be the main drivers of the global economy in 2024, with an expected contribution of 1.7% of the 2.3% growth in global GDP. In total, over 70% of global growth will be generated by emerging economies, the highest level since 2013. This multipolar, interconnected, antagonistic and, at first sight, disorganised global economy opens up a wide range of opportunities for emerging economies", analyses Bruno de MOURA FERNANDES.
Click to watch Bruno de Moura Fernandes' interview
Between new geopolitical alliances, the increase in intra-regional trade agreements, but also - and this is a new deal! - the use of local currencies for international trade: which emerging countries have the skills, resources and effective strategies to be the big winners in tomorrow's world? Our economist Bruno de Moura Fernandes gives us some answers on video.
Want to go deeper? Catch-up with our roundtable Emerging economies: risks and opportunities, deciphered by 4 of our economic experts.
