Moreover, with the BR1CS now accounting for about 28% of world GDP (at PPP rates), a slowdown in growth has larger effects on the global economy and OECD countries than in the past. In OECD countries, direct trade relations with non-OECD countries have grown substantially in importance over the past two decades. Financial conditions have tightened significantly in some emerging economies, and financial linkages with OECD countries could increase the impact of a decelerating growth in the emerging economies. Similarly, as the links in the banking sectors of several developed and emerging economies have grown stronger since the financial crisis, tightening financial conditions in some emerging economies may also influence income growth of OECD countries.