According to the International Monetary Fund’s (IMF) \"An Uneven Global Recovery

Question

According to the International Monetary Fund’s (IMF) "An Uneven Global Recovery Continues", from July 2014, real GDP in emerging market and developing economies grew 5.1% in 2012 and 4.7% in 2013. At the same time, real GDP in advanced economies grew only 1.4% in 2012 and 1.3% in 2013. Do these growth rates over the last few years indicate that differences in real GDP per person around the world are shrinking, growing, or staying the same (click the "World Economic Outlook: Legacies, Clouds, Uncertainties" link for an update).

Explanation / Answer

The IMF data for the past few years reveal that the developing economies are growing at a faster rate as compared to the developed economies especially, India and China are the two fastest growing economies of the world.

However, the developed nations are recovering from their recessionary conditions and rate of growth is seen to be increasing in these nations. The data indicate that the differences in real GDP per person around the world are shrinking.

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