Decisions had to be made on the basis of unreliable data from a sophisticated industrial economy: government statistics in emerging-market economies are often even more unreliable, making the IMF's job that much more difficult.

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Not only will Brazil need financial commitments from serious partners to develop its pre-salt oil reserves, but it will also have to significantly upgrade its national infrastructure if it seeks to enter the global market on competitive footing with advanced industrial economies.

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Emerging-market economies like Singapore, heavily dependent on high-tech exports to the industrial world, suffered an even greater economic contraction than America, their biggest customer, did.

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