A new emerging market


IN the aftermath of the 2008 financial crisis in the US and, later, in Europe, global economic growth was generated mainly by the so called ‘emerging markets’, especially China, Brazil, Russia, India and South Africa. Today, growth in the emerging markets is either negative, stagnant or slower. Some fear this may halt the weak recovery in the US and Europe and even lead to another global recession.

Such fears are overdrawn. China’s reduced annual growth rate of 7pc is still the highest in the world. India too is growing, although its claim of a 7pc growth rate is a bit of a fudge.