Convergence - Will Emerging Markets Ever Catch-up?

The Economist examines the challenges of sustaining catch-up growth in the emerging world:
http://www.economist.com/news/briefing/21616891-ten-years-ago-developing-economies-were-catching-up-developed-ones-remarkably-quickly-it

An aspect ignored in the piece: As far as the welfare of the average or median global citizen is concerned, the economic trends in China and India (with approximately 2.6 billion people) matter a whole lot more than the trends in the 100 or so other poor countries (whose combined population is less than that of the two Asian giants). Population-adjusted convergence measures are more useful than absolute convergence measures.

Additionally, small states face extra hurdles in sustaining growth and development:
http://www.economist.com/blogs/freeexchange/2014/09/economics-small-states

---
Related,
Morgan Stanley’s Ruchir Sharma notes the following in his recent Foreign Affairs column:

“The normal rhythm of politics tends to lead most nations’ economies around in a circle, ashes to ashes. This life cycle starts with a crisis, which forces leaders to reform, which triggers an economic revival, which lulls leaders into complacency, which plunges the economy back into crisis again.

… Beginning in 2003, however, this cycle seemed to stop turning. The world economy entered a unique period of prosperity, driven by declining interest rates, rising trade, and surging commodity prices. These global tail winds were so strong that national leaders did not need to push fresh reforms to generate economic growth; the fruit virtually fell from the tree on its own.”