The return of submerging markets?

Investors are hoping emerging economies can shrug off a downturn in the developed world. But it is doubtful whether any market is immune to global jitters.

It's been a long time since emerging markets were dismissed as "submerging markets". They continued to sizzle in 2007, with the benchmark MSCI Emerging Markets index up by 34% in dollar terms, thus posting a fifth successive up year; it hit a new record peak in late October.

With emerging economies in sound shape, investors are hoping they can shrug off a downturn in the developed world as the latter grapples with the fallout from the credit crisis.

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