Emerging markets, accounting for one third of global output, play an increasingly important part, and it is for this reason that the G20 has assumed a leading role as a forum for global co-ordination.
After losing approximately 60 per cent of value since the collapse of Lehman Brothers until the low point reached in March 2009, the Morgan Stanley Capital International Index (MSCI) gained more that the 60 per cent until the end of October, led by an almost 90 per cent improvement in the MSCI for emerging markets.