Developed countries are contributing more to global economic growth than emerging markets for the first time since the financial crisis, according to Bridgewater Associates.
The hedge fund giant estimates that the developed world accounts for about 60% of global growth, or 2.01 percentage points, compared to just 1.43% for the emerging world. The last time that the developed world held a lead was in the middle of 2007.
The economic revivals—uninspiring though they may be—of the U.S. and Japan, coupled with slowdowns in the major emerging countries, notably China, are seen as the drivers of the change, The Wall Street Journal reports.
Bridgewater's estimate is based on an estimate of current growth rates, rather than on official numbers.