Low income economies' share in global output up 17 percent: World Bank report

Low and middle income economies' share in the global output has increased from 24 percent to 41 percent since 1995 to 2005 in terms of Purchasing Power Parity at 2005 prices, reveals World Bank report on Development Indicators, 2008.
The report released by the Bank showed that East Asia and Pacific developing economies grew faster than developed economies and doubled their output share in global output from 9 to 14 per cent. South Asia's share in contrast increased from 4 to 6 per cent with China and India dominating the growth in these regions.
However, indicators of the recent economic performance of selected developing countries revealed that average annual growth of India, Pakistan, Sri Lanka declined in 2007. Pakistan annual average GDP growth declined from 6.9 percent in 2006 to 6.4 percent in 2007, Sri Lanka 7.4 percent to 6.5 percent, Bangladesh 6.6 percent to 6.5 percent and India 9.2 to 8.7 percent. China was the only country in the region whose annual average growth increased from 10.7 percent in 2006 to 11.7 percent in 2007.
The data showed that there has been a declining trend in agriculture sector in the region from 2000 onwards with the exception of Nepal, which recorded a growth 2.4 to 3.6 during the period. This could be attributed to the resolution of the political crisis in that country. The average annual percentage growth in Pakistan agriculture sector dwindled to 2.5 percent from 2000-06 against 4.4 percent of 1990-2000.
The agriculture sector in India also declined to 2.7 percent in 2000-06 against 3.2 percent from 1990-2000. Bangladesh also witnessed a slight decline of 0.1 percent in the agriculture sector, going down from 2.9 percent in 1999-2000 to 2.8 in 2000-06. China was the only country showing slight increase in average annual percentage growth in agriculture sector.
However, the industrial sector in Pakistan, India and Bangladesh registered an increase in average annual percentage growth while a decline was noted in China and Nepal during the period under review.
The industrial sector in India recorded an average annual growth of 8 percent during 2000-06 against 6.1 of 1990-2000, followed by Pakistan 4.1 in 1990-2000 to 7.9 percent in 2000-06 and Bangladesh 7.3 in 1990-2000 to 7.7 in 2000-06. The average annual percentage industrial growth in China declined to 11.2 percent during 2000-06 against 13.7 of 1990-2000 while in Nepal it declined from 7.2 in 1990-02 to 2.4 in 2000-06.
The manufacturing sector in Pakistan, India and Bangladesh has witnessed growth while China and Nepal showed a decline during 2000-06 as compared to 1990-02. The manufacturing sector in Pakistan grew at an average annual growth of 10 percent during 2000-06 as compared to 3.8 percent in 1990-2000 while in India it grew from 6.7 percent in 1999-2000 to 7.7 percent in 2000-06.