The growth rate in developing economies in the Asian and Pacific region in 2011 was substantially lower than that in 2010, showing a decrease from 8.4 to 6.8 per cent. The 2010 growth rate had been particularly high due to a recovery from the low growth in 2009 that was a result of the initial impact of the global financial crisis. Apart from the base effect, the 2011 growth slowdown also reflected the withdrawal of fiscal stimulus policies, tighter monetary policies adopted in some countries to meet the challenge of rising inflation, and in general the sluggish recovery in the developed economies of the world. The slower growth in exports, which slowed economic growth in developing economies, began to be seen during the course of 2010 and this trend continued during 2011.