Making Growth Deliver Exports – Not the other way around Jayati Ghosh

Suddenly, it seems, the momentum has shifted. For most of the past decade, the developing world was growing at a much faster clip than the rich North, creating talk of a new international world order, an “Asian century” and generating much hype about the emergence of the BRICS. The global financial media pushed these ideas even further, talking about the huge economic potential about to be unleashed particularly in those developing countries that still had relatively low per capita incomes and predominantly young populations. These claims were repeated so constantly, and the euphoria thus created was so widespread, that governments…