Research reveals Global South's growing economic influence in a multipolar world

News provided by

chinadiplomacy.org.cn

Nov 17, 2024, 21:13 ET

BEIJING, Nov. 17, 2024 /PRNewswire/ -- A news report by chinadiplomacy.org.cn on the Global South's growing economic influence:

The Center for Geoeconomics for the Global South in Dubai and the Academy of Contemporary China and World Studies (ACCWS) in China recently collaborated on research highlighting the growing significance of the Global South in international power dynamics.

As part of the ACCWS' knowledge-sharing project, the research is organized into four sections, namely the conceptual framework, economic landscape, strategic behavior and policy recommendations. It explores how Global South countries are employing economic strategies and geopolitical interests to pursue their respective goals in a multipolar world.

The research also examines how emerging economies in the Global South leverage infrastructure, investments, and trade to enhance their global influence. It also addresses challenges like debt dependency.

According to the research, the term "Global South" refers to a collective of countries, mainly in Africa, Asia, Latin America, and the Caribbean, all of which share a history of being subjected to colonialism and economic exploitation. These nations play a crucial role in global affairs, accounting for over 40% of the world's GDP and housing a significant portion of the global population. Countries like China, India, and Brazil wield considerable influence within this collective.

The research points out that the Global South is gaining prominence through its economic strength and strategic initiatives, such as the China-proposed Belt and Road Initiative. Meanwhile, regional organizations like the ASEAN are also promoting cooperation among these countries.

However, the research argues that while regional cooperation holds promise, Global South nations encounter issues such as inequality and weak institutions.

The research concludes that the Global South is poised to play a crucial role in global governance. Its emergence as a geopolitical force hinges on balancing short-term economic gains with long-term sustainability. A coordinated geoeconomic strategy will be essential for achieving equitable development and enhancing autonomy within the global system.

SOURCE chinadiplomacy.org.cn