Most of these economies were suffering a loss of their export markets to low-wage Asia. A decade of wage growth exceeding productivity gains led to real appreciation, loss of competitiveness, and large current-account deficits.
这些经济体的出口市场慢慢被低工资的亚洲经济体蚕食。十年以来，工资上涨快于生产力增长，导致本币实际贬值、出口竞争力下降和大额的经常项目赤字。