July 2005
Why emerging markets are still emerging
Emerging-market countries will enter new territory next year. For the first time since the asset class was established in the late 1980s, these nations will become net creditors in the global economy, according to data from Fitch Ratings.
At a time when the US has a record current account deficit, one-third of the 68 emerging-market countries rated by the agency are already net external public creditors. This has been largely spurred by higher commodity prices, especially for oil, a build-up in foreign exchange reserves and better macroeconomic management.
The data is the latest to show that the asset class is at its healthiest for a number...
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