When the U.N. Development Programme (UNDP) unveils its annual flagship Human Development Report (HDR) in mid-October, the primary focus will be on a growing new phenomenon on the economic horizon: the rise of the global South and the significant progress in South-South cooperation over the last decade.
The developing world maintained an average annual gross domestic product (GDP) growth rate of 4.8 percent during the last 10 years, and now accounts for around 45 percent of global GDP.
And in 2010, developing and emerging economies recorded an average growth of 7.3 percent, “which was significantly greater than that of economies in the North,” says UNDP Administrator Helen Clark.
These trends, she told a recent meeting of the High-Level Committee on South-South Cooperation, “contributed to progress on achieving the Millennium Development Goals (MDGs) in many countries.”
Undoubtedly, the dynamism of the South will continue to be reflected in strong development outcomes, predicted Clark, a former prime minister of New Zealand.