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The slowdown in high-income countries and tighter credit conditions are expected to curb the rapid pace of growth exhibited by developing countries over the past two years.
A slowdown was inevitable, and indeed desirable, in the many countries where overheating had become a major concern.
Despite the slowdown, growth in most developing countries is expected to remain above historical averages, and prospects are good that their robust growth can be sustained over the long term.
The degree of uncertainty surrounding the economic outlook has been elevated by the turmoil that has disrupted financial markets since mid-2007. The risks have clearly shifted to the downside.
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