From the Financial Times: "... Oxford Economics, an advisory firm focused on economic forecasting, estimates that GDP growth this year in emerging markets will fall to 3.6 per cent, the lowest level since 2001, excluding the crisis year of 2009."
"However, Oxford Economics estimates that if 'real' growth in China is assumed to be 4 per cent this year — rather than the official 7 per cent — then overall emerging market growth for 2015 would fall to 2.7 per cent, the slowest since the 1997-98 Asian financial crisis (excluding 2009). Oxford Economics is one of several research groups that estimates current Chinese growth at around 4 per cent."
“'This slowdown means an important prop for world growth has been knocked away, especially as emerging markets comprise a bigger share of the world economy than they did 15 years ago,' says Adam Slater, economist at Oxford Economics. Mr Slater says that if a 4 per cent rate for China is assumed and GDP growth continues to subside in some developing nations this year, then 'it is quite possible the number could end up below 2 per cent'. This, he says, would represent a lower level of global growth than in 2001-02, when the US was in mild recession."