Turning point for EM economies

SINCE the 2008 financial crisis, the sustained headwinds of debt, de-population and de-globalisation have hampered global economic growth - and have had an outsized impact on emerging markets (EM).

Although emerging markets are still growing faster than developed markets, the gap in performance has narrowed and, as a result, investor sentiment towards emerging markets has cooled markedly.

This is best exemplified by the recent closing of the Goldman Sachs "BRIC Fund", which has raised questions about the value of this asset class.