Such a narrowing, albeit a mild one, in the “growth gap” is nonetheless surprising as in the past decade or two, recoveries in the developed world generally saw the emerging economies outpace advanced economies. In a word, global recoveries used to leverage the emerging market performance, rather than undermine it. Why is this happening? It is hard to pinpoint a single cause.
But, among others, the performance of exports in many emerging economies has been poor, by historical standards, over the past eighteen months, suggesting (at least in some sectors) a loss of world market share.