In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This is always a difficult task, given the temptation to over-stimulate.

Raghuram Rajan

Raghuram Rajan

Advanced Again Always Demand Development Difficult Difficult Task Domestic Down Economies Emerging Given Growth Had Markets Once Path Rely Result Shut Slow Task Temptation Traditional

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