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Not so emerging anymore

The year started with lot of enthusiasm for Emerging Markets (EMs). With the world still struggling to come out from one of the worst recessions it had seen in the last many decades, EMs provided a ray of hope. A lot of portfolio money got re-allocated to EMs. All of a sudden, there were talks about a ‘currency war’ with some of the EMs like Brazil, Thailand and South Korea taking regulatory measures to stop hot capital inflows into their economies. India and China lead the growth for the EMs and were clearly identified to be the future economic powers of the world.

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