Can Emerging Markets Save the World Economy?
Whereas industrial countries are experiencing bouts of severe financial instability, emerging economies, once considered much more vulnerable, have been remarkably resilient, proving to be important engines of global growth. But emerging economies do not operate in a vacuum, and sustaining their strong performance requires the accommodation of industrial countries.
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MILAN – Over the past two years, industrial countries have experienced bouts of severe financial instability. Currently, they are wrestling with widening sovereign-debt problems and high unemployment. Yet emerging economies, once considered much more vulnerable, have been remarkably resilient. With growth returning to pre-2008 breakout levels, the performance of China, India, and Brazil is an important engine of expansion for today’s global economy.