Difficult task Quote by Raghuram Rajan
“In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This is always a difficult task, given the temptation to over-stimulate.”
![“[When] the market is trying to get to terms with, first, lower global growth, particularly out of emerging markets and China. And, second, the market is worried the central banks have run out of ammunition. So put these two things together, and then investors are repricing the market lower.” quote by Mohamed El-Erian](https://sms4smile.com/quotes/img-quotes/b4b/mohamed-el-erian-19946_ammunition_when-the-market-is-trying-to-get-to-term_2303317.jpg)
