Six major emerging economies-Brazil, China, India, Indonesia, South Korea, and Russia-will account for more than half of all global growth by the year 2025, a new World Bank report released Tuesday said.

As economic power shifts, the report said, these economies will "help drive growth in lower income countries through cross-border commercial and financial transactions."

The international monetary system will likely no longer be dominated by a single currency, the report, titled "Global Development Horizons 2011-Multipolarity: The New Global Economy", said further.

Coinciding with the World Bank study, a Bloomberg report on Wednesday said that investment spending in emerging markets has eclipsed expenditures in developed economies for the first time.

Boosted by a surge in infrastructure spending, this "biggest investment boom of recent decades" will help propel global economic growth and contribute some 24 percent of the world gross domestic product in 2012, Bloomberg quoted Citigroup chief European economist Michael Saunders as saying.

INVESTMENT BOOM

Developing countries are seen possibly securing the biggest share of that "investment boom" this year, Saunders was quoted further as saying.

On the other hand, the World Bank report said: "The fast rise of emerging economies has driven a shift whereby the centers of economic growth are distributed across developed and developing economies - it's a truly multipolar world."

Justin Yifu Lin, the World Bank's chief economist and senior vice president for development economics, pointed out that multinational companies from developing countries are "becoming a force in reshaping global industry, with rapidly expanding South-South investment and FDI inflows."

International financial institutions need to adapt fast to keep up, said Mr Lin.

Citing the rapid globalization of China's corporations and banks, Mansoor Dailami, lead author of the report and manager of emerging trends at the World Bank, said the Chinese currency, renminbi, will likely take a more important role that will lead to a global multi-currency scenario centered around the dollar, the euro, and the renminbi.

REDUCING RISKS

The World Bank report noted that these projected changes in the world economy will make strengthening policy coordination across economies "critical to reducing the risks of economic instability."

It also said that with most developing countries still using foreign currencies in their international transactions, multilateral institutions will have to extend technical assistance, aid and policy advice to equip these economies toward addressing expected challenges and risks.