These include the strengthening of macroeconomic and financial frameworks and the liberalization of markets, reduced regulations, and greater openness to international trade. Additionally, high and rising commodity prices and ample access to external credit during the 2000s have helped.
By and large, better policy and institutional settings seem to be responsible for the fact that emerging economies were relatively resilient to the shocks of the Great Recession. Indeed, in 2009, while the advanced economies contracted more than 3 percent, the emerging economies grew slightly above 1 percent.