In the long run, of course, emerging markets will benefit from interest-rate normalization, because they will no longer suffer the distortions and imbalances that lead to unsustainable growth patterns. But the hard part will be getting from here to there without an accident.
当然，从长期看，新兴市场将从利率正常化中获益，因为它们不再需要面对导致不可持续增长路径的扭曲和失衡。但难点在于平安地从短期过渡到长期。