The extraordinary period of expanding private flows since the start of the new millennium may not be an indication of future trends, there are a number of reasons to believe that such flows were the result of temporary circumstances. Developing countries will face a much tougher global environment moving forward. The commodity super-cycle of the 2000s, which saw huge inward investment and windfalls for resource-exporting countries, is coming to an end as demand from the People's Republic of China (hereafter "China”) slows.