The world is witnessing a chaotic transition to uncertainty. While there is a profound transformation in global economic power balance, the lack of leadership has created a serious vacuum. Not much more than a decade ago the emerging economies – China, India, Indonesia, Turkey, Brazil, Mexico, South Africa, Vietnam and others – were still little more than global economic minnows. In the course of the last decade, the share of world GDP of the three main emerging economies, Brazil, China and India, has doubled. Not only have the emerging economies surged, they have also become increasingly interconnected. South-South trade, aid and investments are booming.

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