NEW DELHI: The economic downturn has enhanced the global status of emerging markets to a larger degree than previously anticipated, according to a report.
The Centre For Economics And Business Research suggested nations such as India and China will lead the recovery from the slowdown, encouraging a substantial change in priorities among major corporations.
"For western economies, the outlook over the next five years is certainly that of a long hard slog," Owen James, an economist at the organisation, told Bloomberg.
"The focus of global economic activity will shift increasingly to countries like China, India, Russia and Brazil and to a lesser extent Mexico, Canada and Australia."
More broadly, the 33 states forming the Organisation for Economic Cooperation and Development - including Japan, the UK and US - are predicted to generate 66% of worldwide gross domestic product in 2015.
By way of comparison, in 2004 this proportion stood at 77%.
The US, the world's largest economy, is set to produce 22.6% of the world's GDP in 2015, down from 25.3% in 2004.
Germany and the UK will experience similar declines, falling from 6.1% to 5.3% and from 4% to 3.3% respectively.
In contrast, China's totals will leap from 7% to 11.4%, with India up exactly 1% to 2.9%, overtaking Canada, Russia and Spain as a result.
Data sourced from Bloomberg; additional content by Warc staff