Title: 2012 Outlook Survival of the Fittest

Emerging Markets and the Global Economy in the Year Ahead
The coming year is clearly going to be a difficult one for the world economy; however, this resilience will not be uniform across EM. Given the headwinds, 2012 may well prove to be a case of ‘survival of the fittest’. We expect the tug of war between structural and tactical drivers of 2011 to extend into 2012 – particularly during the first months of the year, when the future of Europe may be decided.