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Marina Akopian, manager of the Hexam's EMEA Absolute Return fund and co-manager of the €34m (£26.8m) Emerging Europe fund, said the total contribution towards global GDP growth from emerging markets was expected to reach 61 per cent in 2008, up from 47 per cent in 2007, as Russia, Latin America and parts of Asia sustained their rapid growth while countries such as the US lagged behind.

Ms Akopian said: "Emerging markets are now financing the world and dragging global economy out of recession. They are effectively bailing out the developed world and they can afford to do so with their large current account and budget surpluses.

"Not only that, but they are not dependent on the US for growth, with domestic consumption rising strongly across key countries like Russia, Brazil and China."

Through financing companies such as US giants Freddie Mac and Fannie Mae, whose bonds were recently bought by the Russian government, emerging markets had increasing involvement in the developed world, Ms Akopian added.

She also highlighted Indian firm Tata, which has recently acquired Jaguar and Land Rover while Italian airline Alitalia’s has been snapped up by Russian president Vladimir Putin.

With emerging markets valuations still below 10x earnings and GDP growth rates times higher than those of developed countries, Ms Akopian said the outlook for emerging markets remained positive, with current account surpluses easily able to finance huge infrastructure development, which had been forecast to reach US$21.7trn (€13.98trn)by 2017.