{
  "title": "Emerging Markets in Transition: Growth Prospects and Challenges",
  "publication": "Staff Discussion Notes, June 12, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/emerging-markets-in-transition-growth-prospects-and-challenges-41588",
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  "summary": "After a short-lived slowdown in the immediate aftermath of the global financial crisis and a swift rebound, emerging markets (EM) are now entering a period of slower growth. In fact, growth is now lower than the post-crisis peak of 2010-11, as well as the rates seen in the decade before the crisis.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- After a short-lived slowdown in the immediate aftermath of the global financial crisis and a swift rebound, emerging markets (EM) are now entering a period of slower growth.\n- Growth is now lower than the post-crisis peak of 2010-11, as well as the rates seen in the decade before the crisis.\n- The Staff Discussion Note (SDN) explores:\n  - the drivers of the slowdown;\n  - how changes in external conditions that supported high growth in EMs will affect them over the medium term;\n  - the policy priorities needed to sustain the growth rates seen in the past decades.\n- The paper differentiates EMs along various dimensions (e.g. degree of commodity dependence, trade and financial openness) to highlight the need to tailor policy priorities."
    },
    {
      "heading": "Major findings and drivers of slowdown",
      "content": "- EM growth has decelerated relative to:\n  - the post-crisis peak of 2010-11;\n  - the rates seen in the decade before the global financial crisis of 2008-2009.\n- The SDN analyzes drivers including:\n  - commodity dependence and commodity prices;\n  - changes in external conditions (trading partner growth, global demand);\n  - productivity and Total factor productivity;\n  - excess demand and interest rate dynamics;\n  - physical capital accumulation and investment patterns.\n- Heterogeneity across EMs is emphasized: commodity-exporting EMs versus export-oriented EMs and other groupings."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- Tailor policy priorities to country-specific characteristics such as:\n  - degree of commodity dependence;\n  - trade openness;\n  - financial openness.\n- Emphasize structural reform to boost potential growth and productivity gains, including reforms aimed at raising Total factor productivity.\n- Address vulnerabilities stemming from commodity price movements and shifts in global demand."
    },
    {
      "heading": "Differentiation and analytical approach",
      "content": "- The paper differentiates EMs along various dimensions to underscore heterogeneity:\n  - commodity dependence;\n  - trade openness;\n  - financial openness.\n- Keywords and subject areas guiding analysis include: Commodities, Commodity prices, Financial crises, Global financial crisis of 2008-2009, Prices, Production, Productivity, Total factor productivity.\n\n---\n\n Content in this bundle\n\n- sdn1406 - Executive Summary\n  - sdn1406 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - sdn1406 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/emerging-markets-in-transition-growth-prospects-and-challenges-41588"
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    "Authors: Luis M. Cubeddu, Alexander Culiuc, Ghada Fayad, Yuan Gao, Kalpana Kochhar, Annette J Kyobe, Ceyda Oner, Roberto Perrelli, Sarah Sanya, Evridiki Tsounta, Zhongxia Zhang",
    "Published: June 12, 2014",
    "Series: Staff Discussion Notes",
    "DOI: https://doi.org/10.5089/9781498327664.006",
    "After a short-lived slowdown in the immediate aftermath of the global financial crisis and a swift rebound, emerging markets (EM) are now entering a period of slower growth.",
    "Growth is now lower than the post-crisis peak of 2010-11, as well as the rates seen in the decade before the crisis.",
    "The Staff Discussion Note (SDN) explores:",
    "The paper differentiates EMs along various dimensions (e.g. degree of commodity dependence, trade and financial openness) to highlight the need to tailor policy priorities.",
    "EM growth has decelerated relative to:",
    "The SDN analyzes drivers including:",
    "Heterogeneity across EMs is emphasized: commodity-exporting EMs versus export-oriented EMs and other groupings.",
    "Tailor policy priorities to country-specific characteristics such as:",
    "Emphasize structural reform to boost potential growth and productivity gains, including reforms aimed at raising Total factor productivity.",
    "Address vulnerabilities stemming from commodity price movements and shifts in global demand.",
    "The paper differentiates EMs along various dimensions to underscore heterogeneity:",
    "Keywords and subject areas guiding analysis include: Commodities, Commodity prices, Financial crises, Global financial crisis of 2008-2009, Prices, Production, Productivity, Total factor productivity.",
    "**_sdn1406 - Executive Summary**"
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