labels: economy - general
Global economy on upsurge despite terrorism: MasterCard reportnews
27 October 2006

The global economy has strengthened despite five years of sustained global terror attacks.

This is among the findings of MasterCard Worldwide's second global insights report, Global Economic Resilience: Five Years after 9/11, showcasing the resilience of the global economy despite the spate of terrorist attacks across the world since 2001.

The insights on the economic and business environment in the Asia / Pacific region are the result of research by MasterIntelligence Knowledge Panel. The panel comprising leading economists and business strategists is headed by Dr. Yuwa Hedrick-Wong, Economic Advisor (Asia/Pacific), MasterCard Worldwide.

Highlights of the report:

  • The recent terrorist attacks have not only failed to create the intended global economic havoc, global economic growth has actually been stronger than ever before.
  • New middle-class consumers in emerging markets like India and China will drive global demand in ways never seen before, with about one billion consumers in emerging markets joining the ranks of the middle-class in the next two decades and fueling global demand for goods and services with their aspirations and wallets. These are not consumers likely to be cowed by terrorist attacks.
  • Since 2000, per capita GDP in the world has been growing at 3.2 per cent per year. This outperforms the last few periods of long and steady economic growth-during the 1950s to early 1970s when per capita GDP in the world  grew by about 2.9 per cent per year.
  • Two key factors behind this extraordinary development is the rising role of emerging markets and the free marketplace. Emerging markets are playing a much bigger role in driving growth and their stronger presence in the global economy has contributed much to this resilience.
also see : Global Economic Resilience: Five Years After 9/11

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Global economy on upsurge despite terrorism: MasterCard report