The Submerging-Market Threat
The slump in emerging markets was predictable; the booms that led to their rise were not accompanied by the structural reforms needed to sustain growth when commodity prices fell. Faced with years or even decades of anemic global growth, Western leaders must start thinking about managing the destabilizing effects of stagnation.
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WASHINGTON, DC – It is time to put the rise of the emerging economies in perspective. The rapid economic growth in much of the developing world since the beginning of the century was fueled by a commodity boom and an overextension of credit. But, because the emerging-market boom was not accompanied by sufficient structural reforms, it was not sustainable.