The rise of the Global South is a defining feature of the profound transformation reshaping the world. In recent years, Global South countries have achieved significant progress in their economic and social development. Compared with the beginning of the 21st century, the total economic output of the Global South has grown by approximately 5.4 times, an annual growth of 5.1%, significantly higher than the global average of 3.5%. Industrial development has accelerated, industrialization has kept advancing, and some competitive industries have been fostered. Trade and investment have substantially expanded. Goods exports and imports as well as outward investment have all increased about fivefold.
Many emerging economies have increased their investment in research and development, resulting in continuous enhancement of innovation capabilities.
Historic achievements have been made in poverty reduction, with over one billion people in the Global South lifted out of extreme poverty. Significant progress has been made in health. The average life expectancy has risen from around 62 years to approximately 70 years. Access to education has been increasingly expanding. The higher education enrollment rate increased from 13% to 38%.
The overall development advances made by the Global South have enabled it to have become a crucial force driving common development and improving global governance. It has increasingly played a significant role in the cause of human progress. The Global South, a key engine of global economic growth, accounts for 85% of the world’s population, around 40% of the global economy, 46% of global goods exports, 57% of global foreign direct investment inflows, 45% of global manufacturing output, and approximately 50% of intermediate goods exports. The Global South is also actively engaged in addressing global challenges. Its involvement in the reform of the global governance system enhances the representation and voice of developing countries. In the meantime, it keeps strengthening platforms for solidarity and cooperation among emerging economies and developing countries, such as BRICS. It pushes forward establishing new multilateral development banks and deepening regional cooperation
The achievements of the Global South are due to an overall peaceful and stable international environment, ongoing economic globalization, and accelerated and diffusing technological innovation on a global scale, and, within Global South countries, a heightened sense of autonomy and commitment to market-based approaches combined with active government macro-regulation. It should be recognized, however, that the Global South faces new challenges. External shocks have had negative impacts on Global South countries, including a sluggish global economy, broken multilateral trading rules, intensifying global climate risks, and increasing occurrences of regional conflict and instability. Within Global South countries, some face significant gaps in infrastructure, great difficulties in development financing including limited resources and high costs, and inadequate resources in education and healthcare.
Looking ahead, the Global South should continue to actively integrate into global industrial and supply chains, and strengthen dialogue and cooperation with the Global North, promoting the North and the South working together in the same direction. At the same time, the Global South should seize the opportunities, embrace the fundamental trends, and advance solidarity and cooperation among themselves with the vision of a community with a shared future for humanity. The Global South needs to deepen economic and trade cooperation based on the principles of mutual support and complementarity of advantages, expand trade and investment collaboration prospects, step up technology transfer and knowledge sharing, enhance autonomous development capabilities, and advance new developments in the Global South.
