As Ruchir Sharma very succinctly summarizes in his book “Breakout Nations”5, “not all trees grow to the skies” and there are “scores of emerging markets which have been emerging for decades”.
The post crisis normal in emerging markets is likely to be one of a more sedate rate of growth as compared to the precrisis years, the capital flows from the advanced world far more discerning with regard to the macro fundamentals and performance of individual nations.