BCG: Countries of Global South, including Azerbaijan, to carve out 'third front' on world stage

The countries of the Global South, which include Azerbaijan, will become the main driver of global economic growth by the end of the decade and will carve out a “third front” on the world stage, reads a report by the Boston Consulting Group (BCG), Report informs.

"Through 2029, their combined GDP is project to grow 4.2% annually, compared to 1.9% for advanced economies. With consumption expanding nearly as fast, the Global South is set to drive the majority of global GDP growth through the end of the decade. Annual Global South trade is expected to grow to $14 trillion by 2033. A growing portion of those nations’ trade is with each other: South-South trade is projected to expand 3.8% annually through 2033, compared with 2.2% compound annual growth rate for North-North trade."

"Multi-aligned nations like Brazil and India are simultaneously deepening ties with both China and the West, while balancing economic growth with sustainability. Opportunities abound for Global South-based companies to localize business strategies, invest in South-South partnerships and supply chain resilience, and embrace sustainability as a competitive edge," reads the report.