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1The word “despite” is used deliberately. It is often thought that the fortunes of developing countries are tied to the performance in developed countries. The latter provide markets for exports of developing countries considered to be an important ingredient for rapid growth in developing countries. Such linkages between developing and developed countries seem to have operated during the high growth in the pre-1973 period. Linkage was much weaker during the 2001–2007 period.
2Egypt and Russia follow a somewhat similar pattern. Russia is different because of the massive upheaval in the 1990s associated with its transformation from a planned economy. It follows the same pattern if the pre-crisis period is taken as 2000–2007.
3Egypt and Russia follow a somewhat similar pattern. Russia is different because of the massive upheaval in the 1990s associated with its transformation from a planned economy. It follows the same pattern if the pre-crisis period is taken as 2000–2007.
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