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It is not easy to talk of the emerging world as a single entity. They comprise some 150 different countries, which have always been heterogenous and are even more so today. Factors of discrimination are legion: macroeconomic fundamentals and economic governance; dependence (or not) on commodities , sensitivity to the dollar and US interest rates, closeness to Russia, exposure to China, and finally China’s own unique situation, especially in terms of public health...