The following is the 11th in a series of articles analyzing the major problems that the G20 leaders should tackle to stabilize the global financial markets and rebalance the world economy.
Two years after the onset of the global financial crisis and the ensuing global downturn, the recovery that is now taking hold is marked by a divergence in the performance across advanced and developing economies, and also across regions. As the IMF’s latest World Economic Outlook notes, while advanced economies as a group are expected to grow by 2.3 percent this year, emerging and developing economies should see output expand by 6.3 percent.
Asia is now at the forefront of the recovery, with the developing economies of the region expected to expand by 8.7 percent. Indeed, and for the first time, Asia’s contribution to a global recovery has outstripped that of other regions. Moreover, the region’s recovery has been underpinned by strong domestic demand and not just a rebound in exports. The strong relative growth prospects for Asia have also attracted large capital inflows to the region, buoyed by the expectation of higher earnings growth than in advanced economies and the prospect of currency appreciation.
Two years after the onset of the global financial crisis and the ensuing global downturn, the recovery that is now taking hold is marked by a divergence in the performance across advanced and developing economies, and also across regions. As the IMF’s latest World Economic Outlook notes, while advanced economies as a group are expected to grow by 2.3 percent this year, emerging and developing economies should see output expand by 6.3 percent.
Asia is now at the forefront of the recovery, with the developing economies of the region expected to expand by 8.7 percent. Indeed, and for the first time, Asia’s contribution to a global recovery has outstripped that of other regions. Moreover, the region’s recovery has been underpinned by strong domestic demand and not just a rebound in exports. The strong relative growth prospects for Asia have also attracted large capital inflows to the region, buoyed by the expectation of higher earnings growth than in advanced economies and the prospect of currency appreciation.
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