Status: Draft -- Not PublishedWill be live at 10/07/2010 14:41
2010 PCG Report on Implementation of the Principles
Over the past year, there has been a much better economic performance by emerging markets relative to developed economies. After a slowdown in 2008, output growth in emerging markets, particularly in Asia and Latin America, accelerated during 2009 and the first half of 2010, serving as the main engine of global recovery. In parallel, after a significant net outflow during the period from September 2008 to March 2009, net private capital flows to emerging markets recovered steadily until April 2010, boosted by the stronger growth prospects and the positive interest rate differentials relative to mature economies. Notwithstanding the strong performance of emerging markets as a group, there were a few cases of debtservicing difficulties by sovereigns and, in a few countries, domestically important private debtors that have been intervened by their sovereigns, leading to the opening of debt restructuring discussions with their private external creditors.