By David Gait, senior analyst of global emerging markets at First State Investments According to...
By David Gait, senior analyst of global emerging markets at First State Investments According to the latest IMF World Economic Outlook published last month, developing countries are expected to grow at 4.2% in 2002 and 5.2% in 2003, compared with 1.4% and 2.3% respectively for the major advanced economies. Despite such growth differentials, emerging markets continue to trade at historically low valuations, both relative to developed markets and also relative to their own history. At first glance, the contradiction between superior growth rates and low valuations can be reconci...
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