Emerging markets and developing countries
Despite some slowing of export growth, emerging market and developing countries have thus far continued to expand strongly, led by China and India. These countries have benefited from the strong momentum of domestic demand, more disciplined macroeconomic policy frameworks, and in the case of commodity exporters, from high food and energy prices.
Growth in emerging market and developing countries is also expected to ease, moderating from 7.8 percent (annual basis) in 2007 to 6.9 percent in 2008. In China, growth is projected to decelerate from 11.4 percent to 10 percent, which should help alleviate overheating concerns.
But growth in Africa is projected to pick up to 7.0 percent from 6.0 percent in 2007.