9. Structural Changes of Global Economy and New Challenges of Emerging Economy

One of the most significant features of global economic recovery after the financial crisis is the qdual-speed recoveryq of both developed economies and emerging economies. The decelerated growth of developed economies positioned the emerging economies, for the first time, as the dominant force in global economic growth. The center of gravity for global economic growth has shifted from developed economies to emerging and developing economies, and this has a profound structural impact on all aspects of the global economy. Although emerging economies are currently growing at a good pace, they need to fundamentally readjust their structure for sustainable growth, which will not happen automatically. only through profound structural reforms in their growth models, policies, lifestyles, and other areas, can emerging economies meet their imminent as well as mid-to-long term challenges ahead. Keywords:developing economies; emerging economies; financial crisis; global economic recovery; structural changes