Recent developments have led some economists to
challenge the future for the World Bank
One factor is the opening up of new sources of finance for lower-income
and middle-income developing countries. These include:
- More countries issuing their
own sovereign bonds
- Rising foreign direct
investment from OECD (advanced) countries
- Growing foreign direct
investment from other emerging countries such as the BRICs - FDI flows
from emerging markets to developing countries are growing at an average 21
percent per year, and investment from BRICS countries alone reached $71
billion in 2012
- Significance of remittance
inflows for many of the world's poorer countries
- Rising tax revenues as per
capita incomes grow following sustained economic growth
- The
rise of development banks such as the African Development Bank, the Asian
Development Bank and the new AIIB
