But it is this sense of the market being driven by different impulses that should keep investors interested: there is no one trend across disparate global emerging markets, so there is no reason to suspect their fates are mutually exclusive.

China is undergoing a complex economic evolution, India is now embarking on a new journey after a transformative election, Brazil is about to have its own, but not before it hosts two of the world’s largest cultural parties.

Even in Russia, there is reason to suspect there has been too much focus on Western sanctions and not enough of its engagement with the rest of the world. The wider picture of markets beyond the Brics is equally diverse.

Investors have a lot to take in before committing to emerging markets, and the stakes and opportunities remain high. There is still growth potential in these markets that will be attractive to investors, it is simply a case of understanding and weighing up the risks.

This special report is sponsored by First State Investments. All editorial is independent.