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It noted that 2020 could be a good one for what economists call convergence. This normally takes place when poor economies grow faster than rich ones, narrowing the income gap between them. This year will be a bit different. Few emerging markets will grow at all - perhaps China, Egypt and Vietnam. But because advanced economies will probably retreat even faster, the gap between them will narrow, said the article.
The article mentioned the World Bank's new book - "Global Productivity: Trends, Drivers, and Policies", in which the bank uses an algorithm to sort through many combinations of countries, looking for groups that seem to be converging with each other.
The Economist has stated that most of the world's economies are negatively affected by the Covid-19 pandemic. According to the Economists, 2020 is a good time that economists call "evolutionary convergence", describing poor economies growing faster than rich ones, so about the way income is narrowed.
|(Photo: Capital Youth)|
2020 will be slightly different due to the impact of the Covid-19 pandemic. Very few emerging economies develop, but as the developed economies decline more rapidly, the gap between developing economies and developed economies will still narrow. The article stated that some emerging economies will still grow, which could be China, Egypt and Vietnam, reported by VTV.
Based on the productivity performance of 97 economies since 2000, the bank identifies five clubs. The three gloomies groups comprise fairly poor countries. A fourth contains some big ones of unfulfilled potential, such as Argentina, Brazil, Indonesia, Mexico and South Africa.
The most successful club spans all today's advanced economies as well as 16 emerging markets, such as China, India, Malaysia, Thailand and Vietnam. Poorer members tend to grow faster than the rich ones, at a pace that would halve the productivity gap between them every 48 years.
The authors of the World Bank's book worry that the Covid-19 pandemic will inhibit investment, shorten supply chains and breed insularity, all of which could hamper convergence, according to the Economist.
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