Fund manager Martin Currie is still recommending emerging market investments particularly the Near and Middle East in 1999, despite the Brazilian crisis.
It singles out Egypt, Cyprus and Oman.
Martin Currie chief investment officer James Fairweather says: "Sound economic management is evident and effective there. Sub-Saharan markets also offer attractive equity investment despite their volatility."
The fund manager also expects good returns from the UK and Europe, especially from peripheral states that are in line to join the European Union and subsequently the single currency. Japan is also a safe bet due to corporate reforms.
However the broad outlook is less rosy for Latin American countries, particularly Brazil. Fairweather says they "seem dead in the water and 1999 will not be an easy year".