Macroeconomic fundamentals in many emerging market economies are generally stronger today than in the 1990s and early 2000s, and a simultaneous shock to all emerging market economies similar to those two decades ago is unlikely. Nevertheless, a recurrence of similar events could now have different outcomes for advanced economies, given that the global economic landscape and economic linkages between these two groups have changed. Emerging market economies are now much larger and more integrated into global trade and financial markets, which has increased the exposure of advanced economies to these economies. Spillovers from a synchronized downturn in emerging market economy output, operating primarily through trade channels, could be sizable for some advanced economies, but would likely remain manageable and probably short lived. At the same time, financial links between advanced economies and emerging market economies have strengthened recently, and although the magnitudes are much more challenging to quantify, financial spillovers in the case of a slowdown in emerging market economies and their effects on advanced economies could be important. The recovery of advanced economies from the global financial crisis is still fragile, and policymakers in these economies should closely monitor growth in emerging markets and be prepared to take action to mitigate the impact of external disturbances.