In developing countries, growth in 2015 is
estimated at a post-crisis low of 4.3 percent, down
from 4.9 percent in 2014 and 0.4 percentage
point lower than projected in June (Figure 1.1). In
a development unprecedented since the 1980s,
most of the largest emerging economies in each
region have been slowing simultaneously for three
consecutive years. The economic rebalancing in
China is continuing and accompanied by slowing
growth. Brazil and Russia have been going
through severe adjustments in the face of external
and domestic challenges. On average, activity in
emerging and developing commodity exporters
stagnated in 2015, as they continued to be hard
hit by declining commodity prices. As a result, the
contribution to global growth from these
economies has declined substantially. More
generally, 2015 growth estimates for more than
half of developing countries were further
downgraded. Disappointments are concentrated in
Latin America and, to a lesser degree, Sub-Saharan
Africa, where a number of commodity exporters
are struggling to maintain growth.