But as many speeches and papers have already been devoted to the financial market turmoil, I think it is useful to redirect attention to emerging market economies, not least given their growing importance for developments in the global economy. My remarks will attempt to address three questions. 1. How has emerging markets’ participation in the global monetary system evolved in recent years?
Productivity growth is estimated to have slowed from an average rate of about 2 per cent in the 1950s and 1960s to less than 1 per cent in the 1980s and 1990s, although it has picked up recently with the recovery in economic activity.