Emerging markets, by definition, are meant to emerge. Strip out China, however, and the economies of the developing world are now growing more slowly than the developed world for the first time since 1999.
Emerging markets ex-China eked out output growth of just 1.92 per cent last year, according to IMF data, below even the spluttering growth of the developed world, where output rose 1.98 per cent.
Moreover, this plays down the travails of those living in developing countries: when their faster population growth is taken into account, the underperformance of EMs vis-à-vis developed countries in per capita terms is starker still.
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