The export-led economies of Asia have most to fear.

最感恐慌的是那些依赖出口的亚洲经济体。

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And if America were able to emulate the emerging economies' export-led growth, it would not need to borrow their industrial policies.

并且如果美国能够模仿新兴经济体的出口导向增长，它就没有必要参照它们的产业政策。

youdao

They argue that Asian economies are pursuing a deliberate policy of currency undervaluation to ensure strong export-led growth.

他们认为亚洲经济体正在有目的地奉行压低货币汇率的政策，从而确保出口拉动经济增长的强劲势头。

youdao

The export-led growth models of other surplus economies such as Germany and Japan are also both going to have to give way to greater domestic demand.

WSJ: We Need Greater Global Governance

The Lewis Point is the great test for catch-up economies, when they can no longer rely on cheap labour, copied technology, and export-led growth to keep the game going.

FORBES: Does China's Shrinking Workforce Doom It To Economic Stagnation? Some Lessons From Germany