LOW GROWTH HAMPERS CATCH-UP
The slowdown in growth in emerging markets over the past three years means it will take decades longer for major emerging economies, including SA, to catch up with US per capita GDP, the World Bank said. The bank said on 7 June that emerging commodity-exporters will grow by only 0.4% this year, compared with 3.2% in 2013. In the five years before the 2008 financial crisis, emerging markets could expect to take an average of 42.3 years to catch up with US per capita GDP, it said, but slower average growth means it would now take 67.7 years to catch up with the US, ft.com reported. For frontier markets, like Nigeria, the average catch-up period has more than doubled from 43.1 years to 109.7 years, ft.com said.