Economy: We can’t rely on emerging markets to get us through this

So much so that, over the past four years, Asia led by China and, to a lesser extent Latin America, have become the engines of global growth.

But those hoping that the emerging markets will continue to act as a panacea to the western world’s ills might be headed for disappointment.

While authorities in Europe and the US fight to stave off a double-dip recession and deflation, emerging markets’ policymakers are battling the opposite problems – overheating economies and runaway inflation.