The question is whether this will flow through in due course to the large emerging economies that have been the main force driving global GDP growth in recent years. Some flow-on is, of course, to be expected, even if the situation in the advanced economies does not deteriorate further.
However, so far at least, there has not been the debilitating freezing up of trade finance that damaged Asian economies in 2008. More generally, domestic demand in these economies has considerable momentum and, should it slow more than the authorities desire, they have considerable scope to provide support via monetary and fiscal policy, unlike in many advanced economies.