Companies, meanwhile, are investing in "emerging markets" and sidelining the developed world.
INVESTORS may salivate over insurance prospects in the emerging markets of Indonesia, India and China, but the more mature Asian markets seem to have life in them yet.
In "Winning the War for Talent in emerging markets: Why women are the Solution", Sylvia Ann Hewlett and Ripa Rashid point out that businesswomen face steep obstacles in emerging markets.
With the help of still sturdy growth in emerging markets America should be able to reorient itself.
The IMF says that a select group of countries-botswana, Ghana, Kenya, Mozambique, Nigeria, Tanzania, Uganda and zambia-are now stable enough to rank as emerging markets.
A purer bet on emerging markets would be to buy shares in China and India; but Asia will not be immune from a global downturn and their markets are still opaque.
Luxottica, the Italian eyewear group, is targeting Brazil, India and China for future growth to take its share of sales in emerging markets to about a fifth of its global revenues.
That raises questions for emerging markets outside China's orbit.
Countries that are cavalierly lumped together as emerging markets have very different political regimes.
Many emerging markets escaped recession or experienced only a mild downturn, and are now grappling with bubbly credit growth and asset markets.
The big question for the global economy is whether the rapid growth in emerging markets can continue.
A growth lull may be just what most emerging markets need, but it is the last thing that any advanced economy wants at the moment.
Even as the big global manufacturers have been building new factories in emerging markets, governments in slow-growing rich-world markets have been bribing them to keep capacity open there.
However, there is a subset of western corporations that would still remain attractive to investors: those diversifying into emerging markets and accessing a younger demographic in their customer base.
Most emerging markets see their ability to attract foreign money as proof of good management.
Ever since the great crash of 2008, when emerging markets plummeted more than 50%, one strategy has jumped in popularity: buying multinationals to play the fast-growing markets.
'Once there are more solid signs of recovery in the global markets, we may see some profit-taking in emerging markets and some fund flows back into these developed markets,' he says.
But three fears remain: that China's economy is in deep trouble; that emerging markets are vulnerable to a full-blown crisis; and that the long rally in rich-world markets is over.
But emerging markets are prone to boom-and-bust cycles.
“One big incentive for emerging markets to acquire overseas brands is to gain credibility, ” McCarthy said.
Meanwhile, global hedge funds have borrowed in yen and invested profitably in anything from emerging markets to high-yield debt.
Heroines who build empires out of sweat and determination are rare in any culture. (As, indeed, are heroes.) Rapid growth in emerging markets is pulling more women into corporate life.
With 150 years in the emerging markets the Bank has unmatched knowledge and understanding of its customers in its markets.
The thinking here is that emerging markets would march to their own beat simply because of their supercharged growth.
"OOCL covers nearly all existing niche ports in Japan via its hub in Kaohsiung. Dedicated services also connect emerging markets with the Singapore Hub and fast access to Thailand, Malaysia and Indonesia is available."
But in emerging markets your knitting may be your ability to stitch your way around underdeveloped markets rather than just your ability to manufacture a particular product.
In the 12 months to the end of July, only 10 bourses stayed in positive territory, all of them in emerging markets.
In many emerging markets women remain second-class citizens, lacking basic rights and suffering violence and many kinds of disadvantage.
We will speed up efforts to open up emerging markets that have strong demand while strengthening traditional markets.
Some hope that emerging markets will solve the problem, by acting as buyers of developed market assets and a source of higher returns for investors in rich countries, but the theory is unproven.
Nivea is using its brand strength to win loyalty in emerging markets.
Third, it is argued, all this talk of new paradigms simply signals another manifestation of irrational exuberance: the overselling of emerging markets.
"Valuations of emerging markets assets are not cheap enough to suggest that investors should look through the crisis," HSBC strategist Pablo Goldberg writes in a recent report.
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