The writer is chair of Rockefeller International
These days major emerging market leaders must be feeling the chagrin of Roger Moore, often criticised as the worst James Bond ever. The British actor is said once to have quipped that long after he stopped playing the iconic secret agent, he still got a bad review each time a new 007 movie came out. Now every time dire news breaks on the global economy, from rising interest rates to increasing commodity prices, pundits say “emerging markets” are in the worst spot.
Read closer, however, and the countries these critics cite are generally small ones like Zambia and Sri Lanka. Among the roughly 150 developing economies there will always be distress somewhere. But by most measures — from current account deficits to currency valuations — the 25 largest developing nations, from India to Brazil, are in strong financial shape.