Economic growth in emerging markets has driven energy commodity demand over the last decade, but that growth is now slowing. According to the IMF, GDP growth in emerging markets fell from 7% a year on average in 2003-2008 to 6% in 2010-13. The Fund forecasts that emerging market growth will dip further to 5% from 2014-2018. The medium-term outlook is bleak. The IMF writes: "In the past, we expected growth to bounce back (and it did). This time seems different."
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