Mr. Sharma is head of emerging markets at MorganStanleyInvestmentManagement and author of "Breakout Nations: In Pursuit of the Next Economic Miracles" (Norton, 2012).
Most of its growth since then, says Steve Wharton of MorganStanleyInvestmentManagement, has come from cost-containment lay-offs, trimming delinquencies and getting rid of bad loans rather than top-line growth.