Global shift taking place

The IMF blog:

The financial crisis has marked what may be seen by future generations as a moment of profound transformation in the world economy. So-called emerging market countries are coming to the fore, both as sources of global growth going forward, but also by taking on an increasing role in global governance, including through representation at the IMF.

Latin America is a key part of this change, with fast growing economies such as Brazil, Chile and Peru providing important support to the global recovery, but also benefiting from increasing trade links with fast-growing Asian countries. This transformation creates challenges, such as managing the pace of growth and the flow of capital to emerging markets. But it also creates opportunities to achieve a sustained rise in living standards in these countries.