Major trends of growth and distribution of manufacturing in the world
- 41 - Figure 1: Overall growth trend in world MVA, by country group, at constant 2000 prices World industrial production has grown steadily for many years due to the industrialization of developing countries. At current prices, world MVA reached 10 trillion USD for the ﬁrst time in 2008, but then dropped below this mark in 2009 as a result of the ﬁnancial crisis. At 2000 constant prices in USD, the world MVA increased by 1.6 times in 2011 compared to 1995, with an average growth rate of around 2.8 percent per annum. When differentiated by country group, MVA growth was much higher at 6.8 percent in developing countries compared to 1.5 percent in industrialized countries. Figure 2: Annual growth rates of world MVA in recent years, by country group, at constant 2000 prices After remarkable growth performances in 2006 and 2007, world MVA began to decline in 2008 and plunged to its lowest level in 2009 due to the ﬁnancial crisis. Industrialized countries were hit hardest, with MVA decreasing by 12.3 percent in 2009 according to UNIDO estimates. Developing countries also recorded a lower MVA with growth rates at 2.23 percent in 2009. Contrary to the expected recovery indicated by the positive growth rates in 2010, MVA growth has decelerated slightly in 2011, most likely due to the instability of ﬁnancial markets, which has generated fears of a double-dip recession. - 42 - Figure 3: Frequency distribution of countries by MVA per capita groups Average MVA per capita for...
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