Emerging Economies to Lead Global Economic Growth
Emerging markets, not mature economies, will drive global financial growth in years to come, concludes a new report by the McKinsey Global Institute (registration required). Countries in Asia, Latin America and other developing regions got soaked last year as housing and credit bubbles in the U.S. and Western Europe popped. China took the biggest bath, with a $2.4 trillion decline in total financial assets. Rounding out the top 10 biggest losers were Russia ($800 billion decline); India ($600 billion); Brazil, Saudi Arabia and South Korea ($200 billion); and Israel, Malaysia, South Africa and the United Arab Emirates ($100 billion). In all, emerging economy financial assets fell by $5 trillion in 2008, showing that the perils of globalization can be as…
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