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麦格理:新兴市场正面临 30 年来最严峻抉择,印度、巴西等国如何破局?
Zhi Tong Cai Jing· 2025-08-27 11:28
Group 1 - The article discusses the challenges faced by large emerging markets in a fragmented global landscape, emphasizing their difficult position of being too large to align with any single camp while lacking the strength to stand alone [1][3] - The current global division is characterized as "multi-camp fragmentation," with large emerging markets like India, Indonesia, Brazil, and Turkey caught in a precarious situation [1][2] Group 2 - The report identifies two main camps: the "Eurasian camp" led by China and Russia, and the "Western camp" led by the US and its allies, with implications for how emerging markets navigate their foreign relations [2] - Despite increasing global polarization, large emerging markets are likely to maintain a "balancing act" rather than fully aligning with one side, as both US and Chinese attractiveness are perceived to be declining [3][4] Group 3 - India is expected to continue its strategy of balancing between camps, emphasizing self-reliance as a foundation for development, as articulated by Prime Minister Modi [4] - Brazil is not anticipated to fully align with the EU, indicating a desire for autonomy in its foreign policy [5] - Turkey aims to leverage its position as a bridge between the Middle East and the EU to retain its independence [6] Group 4 - ASEAN faces significant challenges, having failed to establish a unified economic framework over the past 30 years, which has hindered integration among member states [7] - The region is at a crossroads, needing to either deepen integration or risk marginalization, with Indonesia playing a crucial role in determining the outcome [8] Group 5 - The report predicts four key impacts of global fragmentation: a decrease in economic efficiency, challenges for small countries, increased autonomy for large emerging markets, and a shift towards domestic growth capabilities as a means of resilience [9][10] - The overall trend indicates that large emerging markets can no longer rely on globalization or single-camp support, necessitating a focus on internal growth and maintaining autonomy in a complex geopolitical environment [10]