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Looking at recent trends in the world economy from the perspective of the Millennium Development Goals (MDGs), the good news is that in 2004 growth in the developing countries was rapid and more broad-based than it had been for many years. Strong per capita income growth continued in China and India, the two countries with the largest number of people living in absolute poverty. Latin America has seen a rebound from its deep economic crisis, and a return to faster growth, fuelled by export expansion. Africa again reached a growth rate of more than 4.5 per cent in 2004. Moreover, relatively strong growth in many African countries is envisaged in the short-term, owing to continuing strong demand for a number of their primary commodities. The bad news is that even growth rates of close to 5 per cent in sub-Saharan Africa are insufficient to attain the MDGs, and that the outlook for 2005, overshadowed by increasing global imbalances, is for slower growth in the developed countries with attendant effects on the developing countries. Since the beginning of the new millennium, the performance of the world economy has been shaped by the increasingly important role of China and India. Rapid growth in these two large economies has spilled over to many other developing countries and has established East and South Asia as a new growth pole in the world economy. Their ascent has been accompanied by new features of global interdependence, such as a brighter outlook for exporters of primary commodities, rising trade among developing countries, increasing exports of capital from the developing to the developed countries, but also intensified competition on the global markets for certain types of manufactures.