It can be said that emerging and commodityexporting economies basically do not face such a problem this time. As the second point in understanding the global economy, let me touch on the difference in the pace of economic recovery between the advanced economies and the emerging economies and the relationship between the two.
The global liquidity crisis since the autumn of 2008 not only affected gravely the advanced economies but also the emerging and commodity-exporting economies. With the turmoil in global financial markets, capital inflows to the emerging economies rapidly contracted, and the world-wide decline in demand hit the emerging economies through the decline in exports.