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Abstract
Robust growth in developing countries in recent years has been associated with increasing openness and greater integration into the global economy (Chart 18). Traditional trade linkages have been deepened and new linkages developed by more open trade and exchange regimes, increased diversification of developing country exports, and closer financial linkages. Increasing financial integration has both contributed to and reflected the successful performance of the developing countries. The industrial countries have clearly benefited from this process, especially during the recent slowdown when rapid growth in developing countries helped to sustain world trade and industrial country growth.
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