For all the recent talk of a “great moderation” in EM growth, the uncomfortable truth is that the big slowdown in the emerging world actually occurred several years ago. More recently, growth has in fact been remarkably stable. Given the structural nature of the slowdowns in the major EMs, growth for the emerging world as a whole looks set to remain stuck at a rate far slower than would have been thought of as “normal” prior to the global financial crisis.
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