Secondly, a difference between the current situation and the early 2000s – when the recovery saw emerging market growth outpace global benchmarks – is that the real effective exchange rates of emerging market currencies are not, on balance, as depreciated as they were at the time.
Thirdly, there are increasing indications that the moderation in economic growth in the emerging world has some lasting causes, for example less favourable demographic patterns. It is significant that the IMF’s estimates for potential economic growth in all the five BRICS countries are lower, in 2013, than similar estimates made in 2011. 3.