Does the world have enough resources to meet the growing needs of the emerging economies?
THE average income of the 5.5 billion people on this planet who live in emerging economies has been growing at a cracking pace: an annual rate of over 5% in recent years. As people grow richer, they want more cars and household appliances as well as better homes and roads. This, in turn, means a huge increase in the demand for energy and raw materials. Emerging economies already account for over half of the world’s total energy consumption. Since 2000 they have been responsible for 85% of the increase in world energy demand. China alone accounted for one-third of the increase in world oil consumption. The developing world’s demand for industrial raw materials is also rising rapidly. China’s share of world metal consumption has jumped from less than 10% to around 25% over the past decade. In the three years to 2005 the country accounted for 50% of the increase in world consumption of copper and aluminium, almost all the growth in nickel and tin and more than the entire rise in demand fo
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