London-based macro research company Capital Economics say instead of looking at the ‘fragile five’, investors would be better off dividing up emerging markets into five distinct groups:
- Mismanaged: Argentina, Ukraine, Venezuela.
- Living beyond means: Turkey, South Africa, Thailand, Indonesia, Chile, Peru.
- Weak banks: Hungary, Romania, Bulgaria.
- Domestic structural problems: India, China, Brazil, Russia.
- Brightening outlook: South Korea, Philippines, Mexico, Poland, Czech Republic.
More details at the article, which is interesting, useful, and ungated: Five Groups of Emerging Markets to Watch