The Global Emergence of the 'New Champions'

Western companies face changing dynamics as multinationals from emerging markets play a bold new role in the sweep toward globalization

Most corporate leaders have their hands full dealing with the market turmoil of the last month and the threat of a global recession. Additional threats—or opportunities, depending on your perspective—loom with the emergence of what the World Economic Forum organizers call the "New Champions"the growing group of emerging market multinationals (EMMs) from China, Brazil, India, Korea, the Middle East, and Central and Eastern Europe, which are now playing on the global stage. Thanks to them, the global business environment for Western multinationals has changed dramatically since the last economic downturn in 2001 and 2002.

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