- Jul 2, 2015
By Peter G. Hall, Vice-President and Chief Economist, Export Development Canada
Post-crisis views of emerging economies are confusing. Initially they were touted as the engines of the world economy, and that the ‘pivot to Asia’ was the remedy for sluggish growth. Now, they seem to be faltering, and the cracks are being exposed. No longer are they the solution, but are now being called a source of softness. Such diametrically opposed views, and all in a six-year space? If there’s a flaw in the forecasts, it’s succumbing to the urge to isolate economies from the global machine. Clearly the world economies have rocked emerging markets, initially with a positive response, and now with a negative. But if the planet’s high-wire act is coming to an end, giving way to stronger growth, what’s the outlook for emerging markets – and in this case, one of its key monoliths, the Indian sub-continent?
Like most emerging economies, India fared well in the frenzied global growth that preceded the crisis. Its job was to
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