India, China drivers of global economic growth: World Bank

WASHINGTON: At a time when the world is reeling under financial crisis, India and China have emerged as drivers of global economic growth, the World Bank has said.

"China and India have emerged in recent years as drivers of global economic growth, accounting for 2.9 percentage points of the five per cent growth in global output in 2007," the World Bank said in its latest World Development Indicators (WDI) 2009.

While low- and middle-income economies now contribute 43 per cent of global output, up from 36 per cent in 2000, the report said China and India account for five percentage points of that increased share.

According to the report Brazil, China, India, and the Russian Federation attracted the largest shares of capital flows among developing economies.

"But foreign domestic investment flows to low-income economies also increased in recent years-- some of them coming from developing economies with large current account surpluses-- drawn by rising commodity prices into the oil, mineral, and other commodity sectors and into infrastructure projects," it said.