The World Bank says developing countries are rapidly becoming a significant part of the global economy, increasing their share by five percent in the new millennium.
These new statistics show that developing countries are growing more rapidly overall than previously estimated.
The bank' World Development Indicators also show that China is the world's second largest economy, behind the United States, not just as a producer, but increasingly as a consumer as well.
Eric Swanson is the Development Data Program Manager of the World Bank Group.
"China will continue to have a vast domestic that it produces for, but it also I think suggests to other participants in the world economy that China is not just a producer of goods but a vast potential market."
World Bank data also shows global output at 59 trillion dollars, with developing countries accounting for 41 percent of that output. (www.hXen.com) The bank data also reveals that global warming is a concern, with measures to combat climate change still too few, and lacking in funding.
It suggests the key to combat climate change is through further development.
