Levels of consumption in emerging markets will outstrip those in the West by 2015, a new report has predicted.

This could drive up job creation in such nations, as the study from the JPM Global Consumer Trends Fund, revealed that a "huge urban population shift" is driving up demand.

Peter Kirkman, JPM Global Consumer Trends Fund manager, stated: "By 2015 emerging markets are expected to account for 37 per cent of global consumption, which will make it the largest consumer by region ahead of the US and Europe."

He added that new consumer spending patterns are emerging, while the number of people living in cities is expected to climb from three billion in 2000 to five billion by 2030, boosting productivity and living standards.

In related news, a recent survey by KPMG International and Markit indicated that business leaders around the world are planning additional investment in their operations and to expand their workforces as the global recovery from the financial markets crisis continues.

Posted by Sarah Dixon