Catching up is so very hard to do

Twenty of 42 rich economies and fast-growing economies have 3 percentage or more economy growth in the year to the lastes quarter. Only two of these are from the traditional group of rich counties, and the rest are developing countries, such as Brazil and Turkey. The IMF forecasts that emerging economies will grow by more than 6% in 2011 and 2012, but growth in the rich world is likely to be below 2%. This tells that economies between developed countries and developing countries have been converging each other. However, the transition will not be as smooth as many people assume. The developing countries have to change the brute force of capital spending to a skilled workforce and a modern finance system that could give the best returns to the economies. The moving weight of world economy would depend on how the developing countries choose policies well without being overconfident, which wouldn't be as easy as the theory tells us.

http://www.economist.com/node/21530122