London: The world is in a sustained period of high economic growth, or super-cycle, which started in 2000 and is expected to last at least another couple of decades and see the global economy reach over $300 trillion in size by 2030, up from $62 trillion today, says a special report by Standard Chartered.
The report said that the world economy had already doubled between 2000 and 2010.
The developed economies will do well through the super-cycle, but the emerging markets will do much better. As a result, the global balance of economic power will shift decisively from the West to the East, according to the report.
The key drivers
The key drivers of the super-cycle will be increased trade, especially among emerging markets, rapid industrialisation, urbanisation and booming middle classes in the developing world.
The number of people living in the cities will grow to 5 billion in 2030, up from 3.4 billion today.
Asia will drive most of the global growth over the next 20 years, during which global output is conservatively set to more than double in real terms, having already risen more than 50 per cent in the last decade.