The Curse of Falling Expectations
When a society goes from broadly shared growth to a state of malaise or decline, the ensuing pain is not just economic but psychological. Now that tens of millions of people in developing countries are suffering precisely such a reversal of fortune, the political fallout is sure to be tumultuous.
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WASHINGTON, DC – Until COVID-19, many people in the developing world felt good about their futures. Overall, developing countries had recovered quickly from the 2009-10 Great Recession, and many – especially in Africa and Latin America – were enjoying the benefits of China’s ever-growing demand for oil, minerals, and agricultural commodities. Expectations were rising.