Emerging and developing countries were also somewhat less exposed to the excessive leverage and risk-taking that was at the root of the 2008-09 global financial crisis, and their resilience during that period (which also reflected countercyclical fiscal and monetary policy) resulted in a further upward shift in their relative share in global output and gave the momentum of the world economy a crucial boost.
Chart 1 Evolution of distribution of world GDP in USD (percentage shares of world GDP)  Sources: IMF World Development Indicators and Haver Analytics. The growing contribution of emerging market economies to global GDP is mirrored in their rising contribution to global trade, as you can see in Chart 2.