Today, two economies exist side by side. The U.S. and its advanced peers continue to struggle with high unemployment, idle capacity, depressed housing markets, and anemic growth. Credit remains tight in much of the developed world, despite historically low interest rates. By contrast, the global financial crisis has “left no lasting wounds” on most emerging economies, according to a recent IMF report. Emerging markets were for the most part in better shape than their advanced counterparts before the crisis, with less public debt, higher domestic savings rates, and stronger exports.