Page 2 of 8  Second, there are pockets of prominent emerging market countries where growth has stalled. Looking back over the past two decades, the 2000s were an era of unprecedented growth for emerging markets.
The share of economies converging on rich-country living standards also reached new highs, demonstrating that this was more than simply ‘a China story’ or ‘an India story’ – important though those countries are. This record of success survived the global financial crisis, but only by a few years. From approximately 2013, emerging markets began to slow steadily, and some experienced protracted recessions.