Africa, Central and Latin America, and most nations of the Asia-Pacific region constitute the Global South. Although passing through varying degrees of political turbulence, economic upheaval, and social instabilities, most of the states of these regions are becoming strong emerging markets and setting new trends in economic growth, investment, trade, and even cultural collaboration.
There are forecasts that in the next decade the Global South could catch up and its economic output could surpass that of the Global North. By 2030, the bulk of the middle class of the world, roughly 80 percent, would be living in today’s developing countries. The recently established Asian Infrastructure Investment Bank shows that the South is developing new and innovative ways to mobilize finance for development.