There are several reasons why developing countries - including those that are currently being expected to save the world economy - cannot expect an easy ride in the coming year.
In the past global recession, many developing countries suffered quite sharp declines in output but then the recovery was also faster and more buoyant. Some countries like China and India experienced deceleration of growth rather than absolute declines in economic activity.
After that recession, real GDP recovered more sharply in the economies that had experienced the biggest slumps. But since the middle of 2010 - and definitely by early 2011 - there has been a deceleration in almost all developing economies.
First, most developing regions are directly affected by the slowdown in import demand from Europe, and to a lesser extent the US. For example, manufacturing exports from developing Asia, particularly China, are already affected by the slowdown in Europe and the process is likely to intensify in the coming months.
Second, the reduction in China's exports affects its own demand, as the complex export production platform it is the centre of in Asia reduces demand for raw materials and intermediates.
Third, many developing countries have also been affected adversely by the sudden and rapid outflow of mobile finance capital, as banks and other financial institutions book their profits in emerging markets in order to cover their losses. This has also been associated with rapid depreciation of several emerging market currencies, which causes their import bill for oil and other essential goods to increase, but not necessarily affecting their exporting potential in the current climate.
Image: President Barack Obama stands with China's Premier Wen Jiabao, center, as they wait to take a family photo at the East Asia Summit Gala dinner in Nusa Dua, on the island of Bali, Indonesia, Friday, November 18, 2011. Others in the photo are, from left, India's Prime Minister Manmohan Singh, Singapore's Prime Minister Lee Hsien Loong, Philippines President Benigno Aquino III. Man at back right is unidentified.