*  *  *  Recent economic developments in emerging markets and outlook The global economy has gone through turbulent times since the outbreak of the financial and economic crisis in 2008. Following the “great recession” in 2009, the global economy gained momentum in 2010 and 2011, mostly on the back of the strong economic performance of emerging market economies.
Indeed, we are aware of the shortcomings of our analytical capacity and attach high priority to enhancing our knowledge of the interactions between financial and real economic cycles.