Emerging markets to account for 80% of future global growth: ex-IMF chief

13:30, June 24, 2011      

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As much as 80 percent of the world's economic growth in the next 40 years will come from emerging market countries, former chief of the International Monetary Fund (IMF) Michel Camdessus predicted Thursday.

"By 2050 we can expect that close to 80 percent of the global economic growth will be a result of emerging countries," Camdessus, a French economist and managing director of the IMF from 1987-2000, told a conference here.

Emerging countries "are narrowing the gap with developed nations by developing their middle-class and improving their life quality," Camdessus said at the 14th Annual Meeting of the Christian Association for Company Directors (ACDE) in Argentina.

He also said international economists believe that in the next few years the dollar will cease to dominate the global monetary system, which will help promote a multi-currency system.

The monetary and finance system will in the future "be renewed so that emerging countries are recognized, changing from a dollar-dominated system to a multi-currency one," Camdessus said in his speech "Argentina: Our Challenges for a Sustainable Progress."

During 2001 and 2002, Argentina suffered a social and economic crisis which terminated then President Fernando de la Rua's term in December 2001, just two years after he took office as president.

At the onset of the economic crisis, which forced Argentina to devalue its peso to about a third of its value, the Argentine government announced it would deliberately default on its debt payments to the IMF until a reasonable payment restructure was accepted, as Buenos Aires blamed IMF policies for being mainly responsible for its debt crisis.

Camdessus on Thursday said the relations between Argentina and the Washington-based lending institution was now back on track.

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