In the developing economies, the traditional concern was economic growth in the long term. The emphasis was on savings and investment. The focus shifted to macro-management in the short term, after many developing countries, particularly the so-called emerging economies in Latin America as also the transition economies in Eastern Europe, ran into debt crises or other forms of macroeconomic disequilibrium if not turbulence. Again, the reason often put forward was that, if the government succeeded in achieving price stability in the short run, all else, including growth, would follow. Even so, the essential objective in developing countries is to step up the rate of growth as much as possible. Faster growth will lead to higher incomes and more employment. Clearly, the growth has to be sustainable.