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Including Turkey, emerging economies' slice of global pie growing bigger

Including Turkey, emerging economies' slice of global pie growing bigger

Emerging economies are taking a greater share of the global economy at the expense of developed nations, according to new International Monetary Fund data. The axis of the world economy is drifting away from industrial countries like the US, Japan, Germany and France towards emerging countries like China, India, Turkey, Malaysia, Thailand and Egypt. According to the report, Turkey's share of the pie grew from just 1 percent in 1980 to 1.18 percent 12 years later, and five years from now is expected to reach 1.23 percent, making it the world's 16th-largest economy. Based on purchasing power parity, Turkey's rank rose from number 20 in 1980 to 17 in 1992.

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