We should not expect further growth from emerging markets, according to analysts at Morgan Stanley. In January, the MSCI Emerging Markets index rose 10%, surpassing their forecasts and setting a new absolute record. Since the end of last month it has fallen 2%. Going forward, the index will only fall, according to the bank's senior EM strategist Jonathan Garner, and there are a number of reasons for that - among them, declining copper values, a more stable dollar and less liquidity in the PRC. It should be noted that this viewpoint is not shared by a number of other banks, for example, Goldman Sachs and Wells Fargo. Their forecasts for the EM segment, published in January, are quite optimistic. Morgan Stanley draws attention to the fact that the profitability of investments will depend on the right choice of market, industry and securities. Prospective, in the opinion of its analysts, is the Indian market - they have positive expectations regarding the budget of this country.