By contrast, developing countries continue to
be the main drivers of growth, contributing to about
two thirds of global growth in 2013. I n many of them,
growth has been driven more by domestic demand
than by exports, as external demand, particularly
from developed economies, has remained weak.
Developing countries are expected to grow at the
rate of 4.5–5 per cent in 2013, similar to 2012. This
would result from two distinctive patterns. On the one
hand, growth in some large developing economies,
such as Argentina, Brazil, India and Turkey, which
was subdued in 2012, is forecast to accelerate. On the
other hand, several other developing economies seem
unlikely to be able to maintain their previous year’s
growth rates. Their expected growth deceleration
partly reflects the accumulated effect of continuing
sluggishness in developed economies and lower
prices for primary commodity exports, but also the
decreasing policy stimuli which were relatively weak
anyhow. The combination of these factors may also
affect China’s growth rate, which is expected to slow
down moderately from 7.8 per cent in 2012 to about
7.6 in 2013. E ven though this would be only a mild
deceleration, it is likely to disappoint many of China’s
trading partners.