The Road to Post-Crisis Growth
Although economic recovery in advanced countries remains fragile 18 months after the global financial crisis erupted, developing countries appear to have weathered the storm. Reasons for this remarkable resilience abound, and they offer guidance for advanced and developing countries alike.
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MILAN – It is about 18 months since the financial crisis hit, and 12 months since the panic started to recede, with asset prices stabilizing and beginning to turn up. Although recovery in advanced countries remains fragile, developing countries appear to have weathered the storm. Growth in China and India is bouncing back toward pre-crisis levels, Brazil’s growth is rising after a sharp dip, and developing-country trade is rebounding from depressed levels.