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Can Emerging Markets Adapt to the Changing Face of Globalisation?

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By Dr. Gaurav Ganguly, Head of International Economics, Moody’s Global growth is expected to remain remarkably resilient in 2026, even as the impacts of US tariffs continue to flow through. The worst fears of 2025 did not materialise. Not only did global trade avoid a collapse, but growth in emerging markets (EMs) held up. China posted a $1.2-trillion trade surplus in 2025 despite a decline in exp...
The strongest version of this narrative acknowledges the resilience of emerging markets (EMs) in the face of US protectionism, while highlighting the structural vulnerabilities created by geopolitical fragmentation. The analysis rightly credits EMs for adaptive strategies—such as India’s EU trade deal, regional integration via ASEAN and RCEP, and industrial policies like Indonesia’s nickel refining push—but also underscores the precarity of relying on global trade amid shifting alliances. The pi...