With demand from the developed world tepid at best, trade between emerging markets themselves will accelerate with an emphasis on the new and leisured classes in such markets as Brazil, China, India, Indonesia, Korea, Malaysia, Mexico, Russia, Turkey.
By and large, emerging market consumers, companies and governments are starting with low levels of debt, there is 'no debt overhang' and no need for the pain of austerity and deleveraging the developed world is suffering. In other words, most emerging market economies still have to a way to run.