Hello 2009.  What do you have in store for us? Will you finally put the immense problems of the economy behind you? What surprises are you going to spring on us?

To show how far emerging markets have fallen, and where they are headed for 2009, look no further than the theory of ‘decoupling’, says Irwin Greenstein, writing for Contrarian Profits.

Emerging markets investors have always had famed investor Jim Rogers on their side. Now – after the bubbles of China, India, Latin America and more have popped – they can take comfort in the word of investor Mark Mobius, who said emerging markets are “bottoming” en route to a bull phase in 2009.

Investors interested in putting their money into China next year may want to look elsewhere for potential gains. It seems that 2009 will be a repeat of 2008, according to a story in today’s People’s Daily.

You’ve probably heard about China’s colossal $600-billion stimulus package intended to jump-start its economy. But chances are you didn’t hear about the new $40-billion initiative by China’s wireless carriers to modernize the national network…

While most companies are bracing themselves for difficult times in 2009, Yum! Brands Inc. (NYSE:YUM) is aggressively expanding its international operations. The fast food group has China at the core of its growth strategy for 2009. Mike Caggeso says this could make Yum! one of the most promising investment stories in the coming year.

The brutal market sell-off in emerging markets has led many to doubt their importance in the global economy. But Horacio Marquez says the ‘right’ countries in Latin America will thrive in the New Year. Top of the class is Brazil, but Horacio also sees good opportunities in Chile and Mexico.

The world is changing. The American consumer has been the backbone of the global economy for the last quarter of a century. But the credit crisis is ushering in a new era of thrift. Is this the end of the world as we know it? Yes, says Justice Litle, but it isn’t necessarily a bad thing…

China is not immune to this global recession, says John Crooks. And as the ‘world’s manufacturing plant’ stumbles, it will take down many others with it. Emerging economies that relied on China buying raw materials will be hit hardest. And any developed nation with exposure to these markets will be dragged down too.

While China may blame the rest of the world for its dramatic decline in exports, Beijing has no one else to blame but itself for the steep drop in dairy exports.