Emerging Markets

Audio

The Rest Leapfrogging the West: How Rising Incomes and Technological Innovation Are Driving Financial Inclusion in Emerging Markets

Speakers: Robert Annibale and Shamshad Akhtar
Presider: Isobel Coleman

Isobel Coleman hosts Robert Annibale, Global Director of Microfinance, Citigroup, and Shamshad Akhtar, Assistant Secretary-General for Economic and Social Affairs, United Nations, for a discussion about how to reach the two billion people who do not have access to formal financial services.

This roundtable was generously supported by the Center for Financial Conclusion at Accion, which is leading the Financial Inclusion 2020 Campaign.

See more in Global; Emerging Markets; Innovation

Foreign Affairs Article

Africa's Economic Boom

Authors: Shantayanan Devarajan and Wolfgang Fengler

Sub-Saharan Africa's GDP has grown five percent a year since 2000 and is expected to grow even faster in the future. Although pessimists are quick to point out that this growth has followed increases in commodities prices, the success of recent political reforms and the increased openness of African societies give the region a good chance of sustaining its boom for years to come.

See more in Africa (sub-Saharan); Economic Development; Emerging Markets

Video

Lessons from Emerging Markets

Speakers: Joyce Chang, Richard H. Clarida, and Peter B. Henry
Presider: Tim W. Ferguson

Joyce Chang, Richard H. Clarida, and Peter B. Henry discuss how emerging markets have responded to the global recession of 2008–2009 and potential lessons for developed countries.

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Ask CFR Experts

Where do you see Brazil in 2020? As a country with the lowest growth rates among the BRICS, is the dream over for Brazil?

Asked by Fagner Dantas, from Universidade Federal da Bahia

The Brazilian government faces a number of challenges and opportunities concerning its economic forecast in the coming years. After peaking at 7.5 percent growth in 2010, Brazil's recent economic slowdown has caused worry that the dream of a new high-growth economy had slipped out of reach.

Read full answer

See more in Brazil; Economic Development; Emerging Markets; Global Future Trends

Primary Sources

Joint Statement of the Fifth BRICS Summit in Durban, March 2013

The fifth summit of the BRICS (Brazil, Russia, India, China, South Africa) countries met in Durban, South Africa March 26 and 27, 2013, to discuss "political and economic coordination." They released their fifth summit declaration, "BRICS and Africa: Partnership for Development, Integration and Industrialisation," which includes plans for a BRICS development bank. In the 2014 Fortaleza Declaration of the Sixth BRICS Summit, more details about the bank are explained.

See more in Emerging Markets; Trade; Global

Op-Ed

Mexico Isn't a Gangland Gunbattle

Author: Shannon K. O'Neil
USA Today

Shannon K. O'Neil says, "[American] perceptions reflect the Mexican reality that dominates headlines: soaring crime rates and gruesome murders in a war against drug traffickers. But this window into Mexico overlooks an economic transformation and deepening ties with the United States that reflect a dramatically different country."

See more in Economic Development; Mexico; Latin America and the Caribbean; Emerging Markets

Foreign Affairs Article

Broken BRICs

Author: Ruchir Sharma

Over the past several years, the most talked-about trend in the global economy has been the so-called rise of the rest, which saw the economies of many developing countries swiftly converging with those of their more developed peers.

See more in Emerging Markets; Brazil

Interview

The Economy of the Olympics

Jose Ursua interviewed by Toni Johnson

With the London summer games at an end, economist Jose Ursua discusses whether or not Olympics have a financial impact for host cities, and the broader implications for the global economy.

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Audio

Corporate Program Teleconference: Global Economy

Presider: Gideon Rose

With concerns swirling over the prospect of another global economic slowdown, Ruchir Sharma, head of emerging markets at Morgan Stanley Investment Management, questions the current consensus view, which is still bullish on the BRICS (Brazil, Russia, India, China, South Africa) and bearish on the West. Sharma, the author of "Breakout Nations: In Pursuit of the Next Economic Miracles" and the May/June Foreign Affairs essay "Bearish on Brazil," argues against analyzing emerging markets under catch-all acronyms. He points out, for example, that Brazil's growth is dependent on a shaky premise: high prices for commodities like oil, coffee and iron ore. Meanwhile, the dismal image of Europe overlooks fiscally responsible countries like Poland and the Czech Republic, whose policies, institutions, and private sectors could enable them to become real growth economies. Sharma will discuss which nations will serve as pockets of future economic strength, and what this all means for the global economy, including the big powers of the West.

See more in Emerging Markets