A report by the Ernst & Young Item Club released yesterday highlights that despite the impact of the last 12 months sovereign wealth funds (SWFs) are poised to enter another period of sustained and impressive growth.
The disparity in economic growth seen over the last decade between the developed and emerging markets will be heightened by the latter's rapid emergence from recession. Item forecast that the BRICs (Brazil, Russia, India and China) are expected to contribute 40 per cent of global growth between 2010 and 2020 — with China accounting for a quarter. Although the recession has reduced global imbalances, China and the Middle East in particular have continued to run large surpluses and amass reserves.
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