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Project Syndicate: A world turned inside out: Emerging economies have emerged on top

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The explosive growth of Chinese e-commerce points to a shortcut toward a newly vibrant consumer culture that was unavailable to today’s advanced economies at a similar stage of development.

NEW HAVEN, Conn. (Project Syndicate) — Slowly but surely, a bruised and battered global economy now appears to be shaking off its deep post-crisis malaise.

If the International Monetary Fund’s latest forecasts are borne out — an iffy proposition, to be sure — the nearly 3.6% average annual growth in world gross domestic product expected over the 2017-2018 period would represent a modest uptick from the 3.2% pace of the past two years.

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