Overview
According to a recent study from the Peterson Institute,* a think-tank, from 1960 to the late 1990s just 30 percent of countries in the developing world, for which figures are available, managed to increase their output per person faster than the United States, thus achieving what is called “catch-up growth.” That catching-up was somewhat apathetic; the gap closed at just 1.5 percent a year. From the late 1990s, however, the tables were turned. The researchers found 73 percent of emerging economies outpacing the United States, and doing so on average by 3.3 percent a year. Some of this was due to slower growth in America, but not all.
This outstanding growth of emerging markets in general and in ...
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