Developing countries’ economies grew at their fastest rate in 30 years and outpaced growth in wealthy nations in 2004, says the World Bank.
China, with 9.5 percent growth, was the fastest-growing economy, followed by India and Russia, where economies expanded by seven percent. Even in sub-Saharan Africa, a region with some of the world’s poorest countries, GDP increased 3.8 percent last year, thanks to soaring prices for oil and metals.
Foreign direct investment also grew nine percent last year, to $14 billion. Most of this was invested in the five most rapidly growing nations: Brazil, China, India, Mexico and the Russian Federation. These countries accounted for 88 percent of the increase and 60 percent of the total amount.