Despite volatility and crisis, emerging markets have witnessed tremendous growth in the past decade. Leading accounting and consulting firm, Grant Thornton International estimates that by mid-century, emerging markets will account for almost 80 percent of world output. This dynamic expansion combined with their future growth potential, have seen these markets hog headlines and attract trade and investment flows.

Notably, while emerging markets, as a whole, refers to several countries across Africa, Asia, Eastern Europe and South America, the spotlight in recent years has predominantly been focused on the four largest developing countries - Brazil, Russia, India and China,