Many experts think most emerging economies are fundamentally stronger than they were a decade ago, when the global financial crises caused shockwaves through their markets. Countries like Malaysia, Thailand, and South Korea have more robust financial cushions in the form of current account surpluses.

“Turning points are always difficult to pinpoint with any accuracy,” cautions Jan Dehn, head of research at Ashmore. But “the balance of risks,” he added, “is slowly beginning to favor emerging markets now.”