Achieving Economic Sustainability in CESEE Countries
Edited by Ewald Nowotny, Peter Mooslechner and Doris Ritzberger-Grünwald
Chapter 9: Sustaining growth in emerging markets: the role of structural and monetary policies
The contribution of emerging market economies to world output increased significantly in the 2000s. According to an HSBC report (Ward, 2012), emerging market economies now account for roughly 50 per cent of world output, up from about 35 per cent in 2000. While the global financial crisis of 2008 sharply reduced economic growth rates worldwide, the slowdown in emerging market economies has been substantially less than that observed in advanced economies, and the emerging market economies have also been the main drivers of growth in the subsequent recovery (see Figure 9.1). The most recent Organisation for Economic Co-operation and Development (OECD) ‘Going for Growth’ report projects that the emerging market economies will continue to be the drivers of global growth until 2060, with major consequences for the composition of the world economy.
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