For many years now, we've heard sombre warnings that the white countries' easy dominance of the world would be eclipsed by the developing nations.

One day, we were told, the fast-growing economies of the poor countries would be bigger than those of the more sclerotic rich countries.

The Australian Treasury has now calculated this is no longer a looming prospect but that, on a key measure, it has already happened. The Treasury estimates the developing countries' collective gross domestic product overtook that of the rich world last month.

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Filed under: * Culture-Watch • Globalization • History • * Economics, Politics • Economy • * International News & Commentary • Africa • America/U.S.A. • Asia • England / UK • Europe

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