These results clearly indicate the way forward; they call for further progress in eliminating the constraints that still hold down employment, slow growth and exclude too many people from the labour market. In the last ten years a large part of the developing world, which historically had been a debtor, has become a creditor.
This shift was made possible by the opening up of international trade and has been accompanied by an extraordinary boom in financial innovation. The dismantling of barriers has also opened the way for investment in illiquid assets, which has risen to unprecedented levels; financial leverage is now used more than ever before.