Developing countries would maintain their rapid growth and play a central role in next wave of globalization, the World Bank said on Wednesday.

According to "Global Economic Prospects 2007: Managing the Next Wave of Globalization," growth in developing countries in 2007 and 2008 would probably slow down, but was still likely exceed 6 percent, more than twice the rate in high-income countries, which was expected to be 2.6 percent, said the report.

Meanwhile, the entire world gross domestic product (GDP) growth was estimated to have strengthened in 2006, coming in at 3.9 percent, compared with 3.5 percent in 2005.

On how globalization will shape the global economy over the next 25 years, the report's "central scenario" predicts that the global economy could expand from 35 trillion U.S. dollars in 2005 to 72 trillion dollars in 2030.

Richard Newfarmer, the report's lead author and economic advisor in the Trade Department said, "While this outcome represents only a slight acceleration of global growth compared to the past 25 years, it is driven more than ever before by strong performance in developing countries."

"And while exact numbers will undoubtedly turn out to be different, the underlying trends are relatively impervious to all but the most severe or disruptive shocks," he added.

Broad-based growth in developing countries sustained over the period would significantly affect global poverty.

Francois Bourguignon, World Bank chief economist and senior vice president of Development Economics, said, "The number of people living on less than 1 dollar a day could be cut in half, from 1.1 billion now to 550 million in 2030. However, some regions, notably Africa, are at risk of being left behind.

"Moreover, income inequality could widen within many nations, compounding current concerns over inequality between countries."

Global trade in goods and services could rise more than threefold to 27 trillion dollars in 2030, and trade as a share of the global economy would rise from one-quarter today to more than one-third, said the report, adding that roughly half of the increase was likely to come from developing countries.

Developing countries that only two decades ago provided 14 percent of rich countries' manufactured imports, today supplied 40 percent, and by 2030 were likely to supply more than 65 percent. At the same time, import demand from developing countries was emerging as a locomotive of the global economy, it added.

Source: Xinhua