Yes, the fastest period of emerging market growth is behind us, because we are not free enough to develop the economy any more. With the recession, people have become afraid of banks. The liberals jumped on this to put a bunch more regulations on banks. The markets are too restricted in order to grow anymore.
I believe the fastest period of emerging-market growth is behind us. I have my doubts we will see dramatic shifts in the economy in the near future. Currently we have a lot of our money bound to small fraction of the population. If we can't get that circulating again, everything will remain relatively stagnant.
Africa is still a largely untapped emerging market. When China's labor costs rise, the large Asian nation will turn to Africa for cheaper labor. When Africa is fully developed, then the fastest period of emerging-market growth will finally be behind us. China's meteoric growth means Africa is soon to follow.
Markets tend to be cyclical, with certain areas growing as other areas shrink. While there has been a fair amount of growth in emerging markets, there are still many areas of emerging markets that haven't even been tapped. Thus it's clear that there is still a lot of growth to come in emerging markets.
The fastest period of emerging-market growth is not behind us. I think that if the economy ever recovers enough for people to actually have extra money to be able to spend as they want to then we will see a fast market growth happen but until then we will just have to wait and see.