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_Figure1AverageprojectedrealGDPgrowthduring201011EmergingmarketeconomicsAsahousewemaintaintheviewthatdevelopedeconomieswhilstrecoveringarecontinuingtodosoatamoderatepaceheldbackbytheconsumerheadwindsofrisingtaxesstaticwageinationhighleverageandhighlevelsofunemployment.Businessesareconsequentlyrestraininglevelsofinvestmentinthefaceofanembattledconsumerandtheirownhighlevelsofdebt.MeanwhiletheGovernmentsofdevelopednationsremainrmlyabsorbedintheprocessoftacklinghighlevelsofpublicsectordebt.Hencewhilstwemayhavegrowthitiscertainlynotrunawaygrowth.NetnetglobaleconomicgrowthisoncourseformidsingledigitpercentagepointsthisyearsourceIMFalbeitwithdevelopedeconomiesachievingabouthalfthatlevel.Bycontrastemergingeconomieslooksettostayinthemid-highsingledigitpercentagepointrangethisyearandbeyondg1-2.Belowwelistthekeymacroargumentssupportingtheinvestmentcaseforemergingmarkets.1.Continuedinvestmentininfrastructurehealthcareandurbanisationgenerally.2.Emergingmarketsrepresentthebulkoftheworldspopulationandindustrialproduction.3.Anyrecoveryindevelopedmarketswillincreasedemandforemergingmarketexportssuchascommodities.4.Tradebetweenemergingmarketsisincreasingfastapproachinghalfofemergingmarketexportsasthesedevelopingnationsincreasinglydecouplefromthedevelopedworld.5.Agrowingmiddleclassissupportingconsumerism.6.PersonaldebtlevelsaremodesttoinsignicantdebttoGDPratiosare13rdofthelevelsofdevelopedpeers.7.Emergingmarketswillaccountforabout50ofglobalGDPgrowthin2011.23Below0Between0and2Between2and5Above5InsufcientdataSourceIMFstaffestimates