The New World Order
While gross domestic product growth is picking
up a bit in emerging market economies, it is
picking up even more in the advanced economies. Real GDP in the emerging market economies is forecasted to grow at 5.4% in 2015 up
from 4.9% in 2012. In the advanced economies,
real GDP is expected to grow at 2.3% in 2015
up from 1.4% in 2012. The difference in growth
rates means that the large spread between emerging market economies and advanced economies
of the past 40 years will continue for many more
years.
Source: World Economic Outlook , January 2014
Do the growth rates over the past few decades
indicate that gaps in real GDP per person around
the world are shrinking, growing, or staying the
same? Explain.