Rapid and sustained economic growth achieved by emerging economies is one of the most important long-term trends shaping the global economy, from which developed countries could also draw some important lessons, U.S. Federal Reserve Chairman Ben Bernanke said on Wednesday.
Speaking at an economic event held in Ohio, the Fed chief noted that "by some measures at least, developing and emerging market economies now account for more than one-half of global economic activity, up substantially from less than one-third in 1980."
Among the emerging economies, the Asian "growth miracle" is the most conspicuous success story, with the case of China being particularly dramatic, said the central bank chief, adding that "growth in Chinese output per person has averaged roughly 9 percent a year, putting per capita output about 13 times higher now than in 1980."
Macroeconomic stability, increased reliance on market forces, and strong political and economic institutions are important for sustainable growth, he stressed.
Bernanke noted that advanced countries should also focus on disciplined fiscal policies, the benefits of open trade and the need to encourage private capital formation while undertaking necessary public investments, including high returns to education and promoting technological advances.
Xinhua/ Editor: Yamei Wang
