Some 3 billion people will enter the middle class by 2050, almost all of them in the developing world

Michael Schuman

Bloomberg Businessweek - September 3, 2015

Remember when emerging economies were supposed to save us all? After the 2008 financial crisis, the traditional engines of global growth—the U.S., Western Europe, and Japan—stumbled into recession. To the rescue came the once-poor developing world. China, India, Brazil, and other up-and-comers powered the global economy through the historic downturn. The meek were inheriting the earth.
Not completely, as it turns out.
Today, as the U.S. recovery gains steam and even debt-burdened Europe stirs to life, the emerging world has tumbled into trouble. Growth is slowing, currencies are plunging, and investors are fleeing. Fears of a protracted slowdown in China sparked a worldwide stock selloff in August. The turmoil has even resurrected terrifying memories of previous emerging-markets crises, like East Asia’s rout in 1997, igniting jitters that the fragile global economy faces yet another financial debacle.
But international investors are making a big mistake. The emerging world will be just fine, thank you. The global business community is allowing short-term uncertainty to cloud the long-term reality of the changing global economy: Emerging markets are still our future.

READ MORE....