April 25th, 2015
from the Dallas Fed
Over the past two decades, the world has experienced a remarkable period of economic expansion that has led to improved living standards in countless countries. Between 1990 and 2013, output in a typical economy as measured by gross domestic product (GDP) per worker grew 45 percent. However, gains have been unevenly distributed among countries.
The median emerging economy, in particular, experienced a small decline in GDP per worker during the 1990s that was followed by a rapid increase of 46 percent between 2001 and 2013. Though uneven across countries, these gains have helped lift the material well-being of millions of people.