Companies across the developing world are stepping up investment to meet rising demand from industrial economies, in a development that is further boosting already buoyant global growth.

Big industrial economies, including the United States and Japan, led the recent recovery in capital spending. Now such investment is broadening to emerging countries, with Morgan Stanley's tracker of economies not including China now at its highest level since 2011.

"It is going from synchronized growth to synchronized 'capex,' " said Chetan Ahya, co-head of global economics at Morgan Stanley in Hong Kong, using the industry term for capital expenditure.