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This awful year 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, according to Nhan Dan.
Few emerging markets will grow perhaps China, Egypt and Vietnam. But because advanced economies will probably retreat even faster, the gap between them will narrow.
Based on the productivity performance of 97 economies since 2000, the World Bank has identified five clubs. The three gloomiest groups comprise fairly poor countries. A fourth contains some big ones with unfulfilled potential, such as Argentina, Brazil, Indonesia, Mexico and South Africa.
In a new book titled "Global Productivity: Trends, Motivations, and Policy," the World Bank used an algorithm to align multiple coalitions of nations, finding groups that would seem to converge.
Based on the productivity of 97 economies since 2000, the World Bank has identified five groups of countries, of which the three saddest group fall into relatively poor countries, and the fourth group includes a number of large potential economies such as Argentina, Brazil, Indonesia, Mexico and South Africa, reported by Financial Magazine.
The fifth group is the most successful that encompasses all developed economies as well as the current 16 emerging markets, such as China, India, Malaysia, Thailand and Vietnam.
Most of the early team members also performed well on the economic "complexity" measure developed by Harvard University's Professor Ricardo Hausmann and the Massachusetts Institute of Technology César Hidalgo. Countries score high if their exports are both rich and distinct, comprising a variety of products that few other countries have.
Poorer members tend to grow faster than the rich ones, at a pace that would halve the productivity gap between them every 48 years.
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