With the exception of India, most major emerging market economies have had disappointing growth outcomes as depicted by the recent recessions in Brazil and Russia and the slowdown in China.
To be sure, the banking system is emerging from a major credit collapse and the economy is operating at only about 85% of its previous level of productive activity: in such circumstances there have of course been a large number of small firms who  BIS central bankers’ speeches  1  cannot get credit because on any assessment they are not creditworthy.