US economy will continue to recover in 2013, but the world economic growth will be driven by the emerging markets, an expert said here Wednesday.
Mark MacFarland, chief investment strategist for wealth management at Dubai's biggest bank Emirates NBD, said emerging markets like Brazil and Russia will drive the world economic growth "as their investments in infrastructure projects gives demand for commodities an additional push."
Brazil will hold the 20th FIFA World Cup in 2014 and the 31st Olympic summer games in 2016. Russia will host Olympic winter games in Sochi in 2014, as well as the FIFA World Cup in 2018. " These event have already triggered massive infrastructure investments, a phenomenon which among the BRIC (Brazil, Russia, India, China ) so far only China has seen," said McFarland.
"The real growth engines remain in the emerging markets," he said.
McFarland said he saw little reason to invest for bonds of the eurozone at the current stage as he expected its 17 member states to shrink by 0.4 percent.
The expert added that he expected the world economic to rise 2. 4 percent in 2013, up from the rate of 2.3 percent last year. Albeit the US growth will fall slightly to 2.0 percent next year, the world's largest economy recovered faster than many analysts anticipated because the housing market made a comeback.