10/16/2008 05:47 pm ET | Updated May 25, 2011

Downturn Begins To Hit Emerging Economies

Developing countries including China and India, where red-hot growth has lifted hundreds of millions of people out of poverty in recent years, are showing signs of economic cooling as the effects of the downturn that started in the United States continue to spread around the globe.

Fears that booming emerging markets are becoming caught up in a global slowdown helped send the dollar soaring this week. Investors continue to flee juggernauts such as Russia into safer dollar-denominated investments. The shift comes as the prices for commodities from developing countries, particularly oil, drop precipitously.

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