Goldman Sachs, an American multinational investment banking company, has picked Turkey, India and Taiwan as the best emerging markets (EM) to invest in in 2015. A note published by Caesar Maasry, head of emerging market equity strategy at Goldman Sachs, says "Coming into 2014, we argued that picking the right spots in EM would be more important than taking a view on the aggregate equity index. Heading into 2015, we maintain a similar view - there are clear winners and losers from the recent decline in commodity prices, a strong U.S. economy and potential Fed hikes."According to Maasry, oil-importers Turkey and India would benefit from the falling oil prices to improve their current account deficits, and that they would not experience the similar blunder they faced when the Fed began quitting monetary expansion in 2013. Maasry pointed to the possibility that the two countries could unfold an interest rate cut during the first half of the year, adding, "Easing inflation is seen opening the door to monetary easing in both countries." Maasry also argued that Taiwan, one of the world's leading electronics exporters, would benefit from an upsurge in U.S. demand. Shweta Singh, senior economist at Lombard Street Research, said, "Demographics, catch-up growth potential and competitiveness gains are key to outperformance. Those that are less exposed to China and to commodities will fare better." Singh thinks that India is the shoo-in to display the best performance, while she counts Mexico, the Philippines and Turkey as markets to be monitored. Singh also noted that emerging markets such as Russia, Brazil, South Africa, Chile and China could disappoint.