The History of EM growth

Chris Watling | Longview Economics |  February 2013

One of the greatest dangers of the economics profession, especially those operating in financial markets, is its inclination to extrapolate trends, good or bad. In March 1999, this was typified by The Economist’s infamous front cover (“Drowning in Oil”) with a forecast of a US$5 oil price. A year to 18 months later, the DOW 36,000 theory was published just as the stock market was reaching its bubble peak in 1999/2000 (a level the Dow has faile...