This situation, of course, was not  8  For example, according to the April 2012 Senior Loan Officer Opinion Survey on Bank Lending, about one-half of lenders reported that they were “somewhat less likely” or “much less likely” than in 2006 to originate a mortgage to a borrower with a FICO score of 680 and a 10 percent down payment.
A number of emerging economies have participated in the expansion of global supply chains. However, the huge scale and growth of China’s economy has had a profound effect. Since joining the World Trade Organisation (WTO) in 2001, China has quickly become the largest exporting nation in the world, with around 13 percent of merchandise exports and 18 per cent of manufacturing exports (figure 4).