Emerging-market economies will continue to encounter the headwinds that have been evident since september, including the strengthening us dollar. China's economy will likely slow somewhat further. Brazil's economy may pick up somewhat from the current recession, but the growth certainly will not be robust. The same appears likely for russia. India's economy, on the other haed, is expected to accelerate, benefiting from both lower oil costs and economic reforms. The outlooks for indonesia, the philippines, thailand, and taiwan are also positive.