We think that the non-BRIC Emerging Markets (EMs) will play a more important role than the BRICs in driving a gradual acceleration of global GDP growth over the next 2-3 years. Within the EM world, the prospects for a strong economic rebound by 2015 appear brightest in Emerging Europe, which has been the weakest performer in recent years. By contrast, Latin America looks destined to lag behind.
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