Context
The balances in international trade are shifting in favor of new emerging economies of the South and East, as a new report on Africa’s economy reveals. The “2011 African Economic Outlook” shows that China’s trade push into the continent is imitated by countries like Turkey, Brazil, India and South Korea. The report further said that emerging economies made up around 39% of the African merchandise trade in 2009, an increase from 23% a decade ago. According to prominent economist Stephen King, these developments are a sign of a “revolution” in the world economy.
