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View on Past Performance

Emerging markets fell in January, as the credit crisis threatened to spread to bond insurers. An unprecedented double interest-rate cut by the US Federal Reserve failed to allay fears of slower global growth. Economic growth in developing countries remained robust, with China, Thailand and Sri Lanka posting strong growth.Inflationary pressures continued to build, forcing Chile, China and Taiwan to tighten credit. In contrast, the Philippines and Turkey cut rates, while Korea, Indonesia, Mexico, Brazil and Hungary left monetary policy unchanged. Taiwan's Kuomintang party won a landslide victory; Thailand's PPP leader Samak was appointed prime minister; Venezuela's finance minister and vice president were replaced in a reshuffle; and violence erupted in Sri Lanka after the ceasefire expired.

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