MILAN The global economy is experiencing a major growth challenge. Many advanced countries are attempting to revive sustainable growth in the face of a decelerating global economy.

The poor international environment hit Brazil s economy mainly via foreign trade, aggressive competition in the Brazilian market, and echoes of the negative expectations prevailing in advanced countries.

At under 40 of GDP compared to at least 60 in advanced economies Chinese household consumption certainly has space to grow. But China s economy remains prone to considerable risks.

ALESSANDRIA, ITALY Tax evasion is a global scourge. The black economy has, by some estimates, reached 10 of GDP in advanced countries and can top 70 in developing countries.

The accelerating erosion of emerging economies trust in the Bretton Woods institutions is particularly problematic now, given slow growth and continued economic weakness in advanced countries. While the world economy is expected to grow by 3.3 this year, average annual growth in the advanced countries is projected to be just 1.2 .

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The final key risk facing the world concerns currency. Since the global economic crisis, the expansionary monetary policies that advanced economy central banks have pursued have caused large scale, volatile capital flows across emerging economy borders, generating significant instability for these countries and fueling accusations of currency wars.

One could argue that South Korea is not yet a mature economy and is only catching up with a more advanced Japan. This was the case in the 1970 s, but no more.

But, although developing countries now account for more than half of global GDP growth, advanced countries have yet to admit them to leadership roles that reflect their growing influence in the world economy.

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Of course, temporary disturbances, a worsening of global payments imbalances, or macroeconomic policy mistakes, including those made in advanced economies and affecting the entire world economy, could undermine global growth. But the underlying convergence differential, owing to catch up growth, is likely to continue to reduce the income gap between the old advanced economies and emerging market countries.

A sustained price recovery requires a healthier global economy that combines faster inclusive growth and greater financial stability. And this will not occur quickly, especially given the policy shortcomings in both advanced and emerging countries.

We should also remember that what growth there is in the world economy in 2009 2010 will come mostly from developing economies. Policies supporting their growth are critical to prospects in the advanced economies, too.

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Even in countries like Tunisia and Egypt, where the transition to democracy is more advanced, political uncertainty has tended to plague economic achievements. For the first time since 1986, Tunisia s economy shrank in 2011, by 1.8 .

In the first half of the 1990s, annual inflation averaged 40 in Africa, 230 in Latin America, and 360 in the transition economies of Eastern Europe. And, in the early 1980s, advanced economy inflation averaged nearly 10 .

This deceleration was inevitable as China advanced from extreme poverty and technological backwardness to become a middle income economy powered by external trade and consumer spending. It was also desirable, because rapid growth was hitting environmental limits.

And when they wanted to have more advanced, more powerful computers they called them advanced ledger posting machines.

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Deflation in many advanced economies.

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PARIS Since the financial crisis erupted in 2008, governments in advanced countries have been under significant pressure. In many countries, tax receipts abruptly collapsed when the economy contracted, income dwindled, and real estate transactions came to a halt.

Despite all the complexities of the transition period, our people have learned a great deal, gaining a sense of freedom and democracy and laying the foundations for a market economy, applying advanced economic formulas and drawing on international experience.

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