The global recession sent the economies of rich countries into a tailspin,but merely caused the emerging economies to slow down a bit. Developing countries are now recovering faster in what the IMF calls a "multi-speed recovery". This has affected the sources of global growth. Measured on a purchasing-power basis,virtually all of world GDP growth last year came from developing countries. In 2010 advanced economies outside America will be a drag on global growth. The IMF reckons that even in 2015,almost three-quarters of global growth will come from China and other developing countries. During the 1990s the contribution of the emerging economies averaged 40 per cent,rising to 58 per cent for the years between 2000 and 2007.
