Taiwan, meantime, one of the world's leading electronics exporters, stands to benefit from a pickup in U.S. demand, Maasry said.
In addition, Taiwan's domestic economy is strengthening thanks to a thriving tourism sector and rising private consumption.
The country's benchmark Taiex index rose 8 percent last year.
Shweta Singh, senior economist at Lombard Street Research says the task of differentiating among emerging markets has become more subtle since the taper tantrum – when investors indiscriminately punished countries with current account deficits.
"The need to draw economic distinctions will only increase in 2015 even as tighter liquidity conditions test investor patience," she said.
"Demographics, catch-up growth potential and competitiveness gains are key to outperformance.Those that are less exposed to China and commodities will fare better,"she added.
Singh believes India is the economy best place to outperform. She is also upbeat on the outlook for Mexico, the Philippines and Turkey.
On the other side of the spectrum, Russia, Brazil, South Africa, Chile and China may disappoint, she said.
"Painful, gradual adjustment will make China a laggard, driving down growth in metals exporters like Brazil, Chile, South Africa, and to a lesser extent, Indonesia. Oil dependent EMs including Malaysia will also come under significant pressure from lower crude prices," she said.
"At the extreme end of the spectrum is Russia, which faces a perfect storm from financial sanctions and crashing commodity prices."