Connectivity reducing reliance on developed world

Trade between developing countries is helping protect them from the recessionary conditions in the industrialised world. “Developing countries are increasingly less dependent on high-income countries for their exports. The steady growth of developing country GDP and increased interconnections between these economies means that since 2010, more than half of developing country exports have gone to other developing countries,” says the World Bank’s 2013 Global Economic Prospects Review. Describing global trade as being “very weak in 2012,” the report estimates that developing country exports of goods and services increased by 4.2% for the year as a whole. Developing country imports rose 5.4%. Overall global trade rose only an estimated 3.% in 2012 (compared with a pre-crisis average of 6.2%.