The iShares MSCI South Africa ETF (NYSEArca: EZA) is also the only South Africa country-related offering.

The falling commodities prices and resulting weaker inflation could allow “central banks to delay rate hikes, or, at the margin, ease policy,” according to Credit Suisse analysts. “This is especially true for the higher-inflation economies such as Turkey but also South Africa.”

On the other hand, countries that rely on commodity exports will suffer from falling prices. For instance, Russia’s fortunes are highly tied to oil prices, as well as Mexico, Indonesia, Brazil and Venezuela, where energy prices are either regulated or their currencies are correlated with commodities.

With emerging market central banks implementing diverging policies to control inflation or promote economic growth, investors should take a closer look at individual countries instead of taking broad strokes. [It Pays To Be Picky With Emerging Market ETFs]

“Divergence in economic performance across emerging markets remains a key theme,” Credit Suisse Group AG analysts said in the article.

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