Emerging countries are looming larger in the world economy by a wide range of measures.
Their share of world exports has jumped to 43%, from 20% in 1970.
They consume over half of the world’s energy and have accounted for four-fifths of the growth in oil demand in the past five years.
They also hold 70% of the world’s foreign-exchange reserves.
Of course there is more than one respectable way of doing the sums. So although measured at purchasing-power parity (which takes account of lower prices in poorer countries) the emerging economies now make up over half of world GDP, at market exchange rates their share is still less than 30%. But even at market exchange rates, they accounted for well over half of the increase in global output last year.