Emerging markets have shown such amazing growth in recent years as to cause the forum for international cooperation to expand from the G-8 into the G-20. Meanwhile, Japanese multinationals are shifting their competitive energies away from Europe and toward the emerging markets. We attempt to assess the growth prospects for the 12 emerging markets in the G-20 based on a quantitative analysis of selected indicators of growth potential and resilience to unforeseen exogenous shocks.