An analysis written for the British bank HSBC nearly a decade ago by economist Karen Ward, called “The World in 2050,” projected how the world economy would appear in 40 years. Ward thought today’s emerging markets would make up 19 of the top 30 economies in 2050, with China rising to the top spot. It seems fair to surmise that HSBC has advocated its clients increase their allocations to emerging markets. My own sense of development economics leads me to favor a selective approach to emerging markets, rather than a broad asset-class approach.
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