Can Developing Countries Carry the World Economy?
In the early days of the global financial crisis, there was some optimism that developing countries would avoid the downturn that advanced industrial countries experienced. That hope died as credit dried up, but now, as international trade and finance revive, it is being resurrected, in an even more ambitious form.
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CAMBRIDGE – In the early days of the global financial crisis, there was some optimism that developing countries would avoid the downturn that advanced industrial countries experienced. After all, this time it was not they that had engaged in financial excess, and their economic fundamentals looked strong. But these hopes were dashed as international lending dried up and trade collapsed, sending developing countries down the same spiral that industrial nations took.