What crisis?

By The Economist online

Growth in income per person is back to pre-crisis levels

DEVELOPING economies account for almost all of global growth in GDP per person, according to the IMF. In 2011 they contributed some 80%, as advanced economies were still reeling from the recession of 2008-09. The recession ended both emerging-markets' accelerating growth rates, and (temporarily) the decoupling debate. But measured by GDP per person, growth rates may be back to pre-crisis levels. However, the IMF warns in its latest World Economic Outlook that the risks of a serious slowdown in global growth have increased, with uncertainty over euro area economies and American fiscal policy shrouding the recovery. Most big advanced and developing economies alike saw stark downward revisions to their GDP forecasts (from the IMF's July update) for both this year and next. World GDP is expected to grow by 3.3% this year and 3.6% next year (down from 3.5% and 3.9%, respectively). India saw the biggest revision, with forecasts for 2012 reduced from 6.2% to 4.9%.