Gary Dugan, Chief Investment Officer of private banking at Emirates NBD has said that emerging economies would guide and lead future growth of global economy and the days of traditional dominant markets have been now over.

Speaking at a conference held in Dubai, Gary Dugan expressed, "What we are highlighting to our clients is the need to keep a balance of assets as we enter an environment where the emerging markets, rather than the developed world, will provide much of the growth for the future."

Dugan predicted just 2 per cent GDP growth rate for US, a traditional economy that reports robust economic performance every passing year. However, things have been changed significantly and an era of robust economic growth for the emerging markets has witnessed, as indicted by shifting clients focus from US or European equities to the emerging economies.

Justifying his opinion, Dugan said that aging population will be no longer remain instrumental in adding to the past glories of strong economic performance by developed nations. Flat growth in Japan over the last decade is enough to indicate that the issue is going to be serious in the near future for traditional economies.