The Global Implications of Falling Commodity Prices
China's growth slowdown has serious implications for the convergence of developed and developing countries’ per capita income levels. Just as China’s economic boom benefited commodity-dependent developing countries, its slowdown – and the concomitant commodity-price downswing – is undermining their economic growth and development.
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NEW YORK – The decade-long commodity-price boom has come to an end, with serious implications for global GDP growth. And, although economic patterns do not reproduce themselves exactly, the end of the upward phase of the commodity super-cycle that the world has experienced since the early 2000’s dims developing countries’ prospects for continued rapid catch-up to advanced-country income levels.