The world is witnessing an unusually divergent recovery. Looking at the rebound after the 2008 financial crisis, advanced economies grew slowly, while emerging markets came roaring out due to China and high commodity prices. This crisis is very different. Advanced economies are having very much a ‘V-shaped’ recovery, at least in output, whereas emerging markets – and, even more acutely, less-developed economies – are still very much in the thick of the crisis. There is real fear of a lost decade