As economies in the developed world seem precariously poised, the world's eyes are once again turning to emerging markets to prop up the global economy. But there is growing doubt emerging markets will be able to help much this time round.
Last week, Morgan Stanley, cut global growth targets for 2011. It warned the U.S. and Europe were dangerously close to a recession, and said it expects to see slower growth in developing countries - from China to Latin America.
Still, Morgan Stanley says developing economies will grow at 6.4 percent this year compared to 1.5 percent for developed markets.
One big unknown though is China. If the world heads for another recession, analysts aren't expecting a repeat of China's actions in 2008, when it launched a half-a-trillion dollar stimulus package.
The country has been experiencing accelerating inflation, leaving China's policymakers with less room to maneuver. Plus, China faces its own problems with local government debt and an inflated property market.
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