By 2050, fast-growth economies are projected to account for 65% of the global economy.
The global economy is at a turning point.
By 2050, fast-growth economies are projected to account for 65% of the global economy. In contrast, most developed markets are still struggling to recover after the global recession. Where does this leave your company's strategy?
To explore this challenge, we hosted our first Global Growth Forum in Washington, DC, on 6-8 June 2011.
Senior global businesspeople joined speakers including Henry Kissinger, former US Secretary of State, James Wolfensohn, former President of The World Bank and Min Zhu, Deputy Managing Director of the International Monetary Fund, in a discussion of what this new reality looks like and how companies can succeed in it.
This report continues and expands that discussion and forms part of Growing Beyond, our ongoing program that explores how companies can grow faster by expanding into new markets, finding new ways to innovate and implementing new approaches to talent management.
We see three important themes are starting to emerge in this area:
- A reversal of fortune. Developed and fast-growth markets will continue to diverge, but both will face challenges in the years ahead. Leaders must learn to operate across both environments.
- New markets, new competitors. Entrepreneurs and companies from fast-growth markets are competing globally. Leaders must understand the challenges these new competitors present.
- A global mindset. To succeed in this complex business environment, leaders will need to adopt a set of characteristics and traits that enable them to move fluidly across different cultures.