The IMF recently estimated in its global economic outlook that while the contribution of EMEs to the global economic growth is expected to remain about 70% for the next five years as in the late 2000s, their share in the global GDP is forecast to continue to increase to 54% in 2016.
The U.S. economic slowdown is now projected to be deeper and more protracted than was expected at the time of the January Update. Our latest projection reflects a more pronounced impact on consumer spending from the contraction in the U.S. housing market and from significantly tighter credit conditions.