Franziska Ohnsorge

Growth in emerging market and developing economies has slowed sharply over the past decade. Even if there are no new adverse shocks, the growth slowdown is expected to persist in the remainder of this decade. The long shadow of climate change and broader development challenges further complicate growth prospects.

This study is the first comprehensive analysis of the extent of informality and its implications for a durable economic recovery and for long-term development.

The global economy has experienced four waves of rapid debt accumulation over the past fifty years. The first three debt waves ended with financial crises in many emerging and developing economies.