Scooter drivers in Ho Chi Minh City on November 01, 2016. Thomas Koehler | Photothek | Getty Images

Growth in emerging markets has been the linchpin holding up the global economy at a time when advanced countries are threatening to unravel it. That's the view of former World Bank vice president Ian Goldin, who told CNBC Monday that the trade war's limited impact on the U.S. has more to do with external factors than the country's own economic health. Goldin said the domestic U.S. economy enjoyed a "sugar rush" as a result of fiscal stimulus, such as tax cuts, that were introduced by President Donald Trump. But he noted that the underlying strength largely came from markets overseas. "Emerging markets are growing, on average, by over 4.5%, and that is pulling up the world economy," said Goldin who is currently an Oxford professor. "If it wasn't for emerging market growth," he told CNBC's Tanvir Gill, "we'd see much, much slower growth in the U.S. and in Europe."

China and developing countries in Asia are at the forefront of that growth, Goldin noted. He said he expects expansion in the world's second largest economy to remain "robust" at 6% for the next decade, while surrounding emerging markets will closely mirror that. "I think we're seeing a rebalancing, a historical rebalancing," said Goldin. "The center of gravity is clearly moving to Asia. This is a good thing. We'll have more global growth where it's needed, in developing countries."

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