However, so far this year, only two fragile five currencies – the South African rand and Turkish lira – have depreciated. Only Brazil, South Africa and Turkey have made little or no progress in repairing their current account and fiscal deficits.

On the other hand, Indonesia and India may have shed their fragile five association. Indonesia has raised its growth target, bolstered its foreign currency reserves and cut its current account deficit. [More Gas in the Tank of Indonesia ETFs]

Meanwhile, India is enacting reforms to counteract vulnerabilities over the past year, and the country’s GDP growth could outpace India’s from 2015 onward. Inflation also looks more stable. [ETFs To Tap Into India’s Rising Consumer Confidence]

For more information on developing economies, visit our emerging markets category.