Do emerging markets need developed markets?

InvestorDaily

As emerging markets navigate deglobalisation, tariffs and regional conflicts, they are pivoting towards domestic drivers of growth and intra-regional trade. This shift raises an important question: Can emerging markets successfully adapt to this new economic landscape by leveraging domestic demand, “South-South” trade and technological innovation to reinvent themselves as attractive destinations for growth and investment?

Much has changed in the world economy. Globalisation, “the Washington consensus,” “the end of history” and long supply chains are bygones. Deglobalisation, tariffs, populism, anti-immigration and regional conflict represent the present.

Globalisation accelerated after the fall of the Berlin Wall in 1989, benefiting emerging economies, especially China and India. The expansion of trade, capital, services and labour flows boosted emerging economies from the early 1990s until recent times. For China and India, significant domestic reforms unleashed in the 1980s and 1990s abetted their rapid ascent onto the global stage.

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