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Just before the collapse of the U.S. investment bank Lehman Brothers in 2008 triggered a financial crisis that would engulf the world economy, the Commission on Growth and Development published an assessment of emerging economy growth strategies, aimed at drawing lessons from previous research and experience. Over a decade later, many — if not most — of those lessons remain unheeded.

In emerging economies, sustained medium or high GDP growth is the key to advancing development and raising incomes. Of course, crises inevitably produce major setbacks with long recovery periods, drastically reducing growth in income and wealth. But 10 years is a long time, and the gap between what experience dictates emerging economies should do and what they have been doing remains large.

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