Emerging-market (EM) economies are faltering. The IMF’s latest downgrade to global growth projections for this year —the fourth consecutive cut — was entirely driven by a lowering of expectations across emerging Asia, Latin America and the Middle East.

Emerging markets are still growing around twice as fast as advanced economies. Yet the expected gap with advanced economies in GDP growth is now almost a full percentage point lower than a year ago, with GDP growth in EMs projected to be the lowest for a decade this year. ..

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