ST. PETERSBURG, June 13 (RIA Novosti) - Emerging markets are playing an increasingly important role in global economic and political affairs, a senior Russian cabinet member said Tuesday.
"Economic and political potential will shift in favor of so-called 'emerging markets,'" Deputy Prime Minister Dmitri Medvedev told an international economic forum in St. Petersburg, which is focusing on competitive advantages of emerging markets.
Medvedev said Europe's share in global output could halve by 2050, as Russia, Brazil, India and China - collectively known as the BRIC - come to the fore. The four countries account for 50% of the world's population and their rapidly growing economies present a force to be reckoned with, he said.
He cited statistics showing that developed countries with a total population of 1.2 billion currently account for 86% of global gross domestic product, while emerging markets - whose population is twice as strong - account for 13%. The remaining 1% comes from developing nations, having a population of 2.2 billion.
Medvedev also cited figures from Forbes magazine showing that the combined wealth of the world's 60 richest people is more than $1 trillion, an amount comparable to the GDPs of major economies.
