Emerging markets have been driving global growth, in no small measure thanks to exports to other EMs, Jonathan Wheatley writes for the Financial Times. EM exporters have traditionally relied on demand from developed markets, particularly the US, where consumption has failed to take off. This has largely been a function of global trade volumes increasing substantially across EMs, particularly over the past eight or nine months. “The key difference between now and earlier periods when EM growth was looking better is that it is broad-based across the globe,” says Maarten-Jan Bakkum, senior EM strategist at Dutch investment firm NN Investment Partners.

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