What’s the world’s biggest emerging market?

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Antoine van Agtmael, who literally wrote the book on emerging markets, noted the following last year in a piece for FP:

Today, emerging-market countries account for 85 percent of the world’s population but generate just 20 percent of global gross national product. By 2035, however, the combined economies of emerging markets will be larger than (and by the middle of this century, nearly double) the economies of the United States, Western Europe, or Japan. The reality of globalization—which is only slowly and reluctantly sinking in—is that outsourcing means more than having “cheap labor” toil away in mines, factories, and call centers on behalf of Western corporations. Yet in the West, business leaders and government officials cling to the notion that their companies lead the world in technology, design, and marketing prowess.

Increasingly, that just isn’t so.

When we think of these emerging markets, we tend to think of places like India and China. But the world’s biggest emerging market is actually Brazil, according to a new index from Morgan Stanley. So, when will Lou Dobbs start railing against “the great Brazilian menace”?