IGD, a grocery-market researcher, is predicting that the UK's Tesco will grow at a compounded annual rate of 11% between 2007 and 2012 to overtake France's Carrefour as the second-largest retailer in the world behind Wal-Mart. Tesco is expanding into China, India and the US. "Emerging markets will not be immune to the global economic slowdown, yet the pace of growth will continue to outstrip that of the developed world," said Jonathan Gunz, senior business analyst at IGD.

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