Only a short time ago, the worldâ??s emerging markets, especially the BRICs â?? Brazil, Russia, India and China â?? were supposed to be the saviors of the global economy. As the West sank into a recession in the wake of the 2008 financial crisis, China, India and many other developing economies continued to post strong growth, helping to prevent the world economy from tumbling into an even deeper and more painful downturn. As the U.S. and Europe struggled to recover, talk that the giants of the developing world were destined to take their place at the top of global economic and political affairs accelerated.
Now, however, with the opening of 2014, many emerging markets look like theyâ??re the ones that need saving.
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