The answer is complex, of course, and I can only scratch the surface of these issues today; but I hope to lay out some key themes and provide some food for thought. Fostering growth in developing economies: the Washington Consensus Ironically, the rapid growth of the emerging market economies reflects in part the low levels of development at which they began.
In the economic-growth derby, in contrast to most types  1  Based on gross domestic product (GDP) data from the International Monetary Fund (IMF), with the valuation of a country’s GDP based on purchasing power parity exchange rates. The emerging market and developing economies group used here includes the IMF’s classification of newly industrialized Asian economies.