The report, Global Construction 2020, showed that building output worldwide should grow to $12.7 trillion in 10 years' time, measured in 2008 prices, compared with $7.5 trillion now. Developed countries are expected to lag emerging markets, with zero growth in 2010 but growth accelerating by 4.4% in 2011. Construction markets in US, UK, Canada and Australia will rebound quicker but construction in major emerging markets such as India and China will see much higher levels of growth than developed countries through 2020. While the latter will overtake US as the largest construction market by 2018, growth in India will accelerate even faster.

"We expect growth in construction output in emerging markets will be more than three times that of developed countries over the next decade," said the report, sponsored by the construction groups Cemex, Holcim, Lafarge, and Orascom Construction Industries.

In Europe, growth in eastern Europe will outstrip western European countries, averaging over 100% in the next decade, led by Russia and Poland, the report said.