It may not feel like it in South Africa, but a fundamental economic shift is taking place in the wider emerging-market world. We need to take ourselves out of the local negativity to see what is really happening. Since the beginning of the year, emerging markets have become the engine of global growth and the new opportunity presenting itself is that this growth can be more inclusive. Since the turn of the century emerging markets have enjoyed strong and synchronised growth. This was driven by their markets opening, excess liquidity, rising foreign direct investment, booming trade, robust commodity prices and confidence. In 2007 - the year prior to the financial shock of the Lehman Brothers collapse - more than 100 developing economies were growing at over 5%. Today, this growth rate is almost unimaginable. This supercharged and clearly abnormal growth trajectory was disrupted in 2008 and came to a rapid end in 2013, when the US Federal Reserve began rolling back its quantitative ea...
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