This can be grasped by considering historical movements in real GDP growth rates. Here, the period of 2000–11 will be divided into two sub-periods – before and after the 2007 global financial crisis – namely, 2000–07 and 2007–11.
It is evident that the difference in average growth rates between emerging and advanced economies increased from 3.9 percent in 2000–07 to 5.3 percent in 2008–11.1  1  It is true that the growth rate for emerging economies has declined during this period, but their average growth rate decreased only modestly – from 6.5 percent in 2000–07 to 5.6 percent in 2008–11.