It has been my view for some time that we are living in a two-speed world. In this world, the different rates of growth of developed and developing economies will increasingly make investing in emerging markets relatively attractive.
Growth in the developed world, especially in the US and Europe, will continue to be held back by policymakers’ attempts to restore the health of economies in which sovereign debt spiralled during the financial crisis.
In these countries, consumers remain over-leveraged and the housing market continues to be weak. I am looking for developed world growth rates of about 2 per cent rather than the 3-4 per cent we have generally experienced in the past.
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