"expansion of the BRICS economies
has made them so much larger
even if the pace of growth is somewhat slower,
they add more to world demand than the earlier faster growth did."
"the emerging economies had their best period in the four years leading up to the 2008 crisis
: they grew at an annual rate of around 8%, accounting for just over half of global growth."
emergence of duel track recovery
" When growth collapsed in most advanced countries in 2008,
the emerging economies slowed but still recorded rapid growth:"
" they averaged 5.5% during 2008-2011."
" In a limp world, this kept global expansion going:
the emerging economies accounted for three quarters of world growth."
" Since then, they have slowed a touch more, to around 5%."
" China is growing at 7% rather than 10%-plus and Brazil and India have reverted to their traditional lacklustre performance."
"But in the meantime, the cumulative expansion of these emerging economies means
that they have more heft."
" The emerging countries are two-thirds bigger than they were in 2006:
thus 5% growth now adds more to the world economy than 8% did back in 2006."
.
". Winding back unemployment in the two countries with room to ease austerity
(the US and the UK) would, in itself, deliver a substantial growth spurt. "
"Sentiment in Japan is much improved,
even if Abenomics has been more talk than substance so far."
perspective :
"Thanks to the sustained performance of the emerging economies,
the IMF's forecast for global growth during this year and next
is around the same pace as was achieved in the first half of the 2000s, "
"which in turn was a bit faster than growth in the previous decade."
"The policy message here is to spend less time fretting about the emerging economies and focus instead on sorting out the pathetic economic performance in most of the advanced world."
