It was impossible for emerging-market and developing countries to escape the effects of such severe contractions in the advanced economies, and they soon experienced the spillover effects of lower commodity prices and lacklustre demand for their exports. Nevertheless, as a group, they are faring significantly better, with growth expected to be 1,7 per cent in 2009.
In particular, China and India managed to maintain some growth momentum, providing a much needed cushion for the global economy There are now some signs of stabilisation in the developed economies and there is a general expectation that the worst of the recession is over, although the recovery is not by any means expected to be fast and smooth.