No More Growth Miracles
A year ago, economic analysts were giddy with optimism about the prospects for economic growth around the developing world. Today, optimism has given way to doubt, and there is good reason to believe that growth will remain slow and difficult at best.
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CAMBRIDGE – A year ago, economic analysts were giddy with optimism about the prospects for economic growth in the developing world. In contrast to the United States and Europe, where the growth outlook looked weak at best, emerging markets were expected to sustain their strong performance from the decade preceding the global financial crisis, and thus become the engine of the global economy.