The credit crunch has produced some surprising winners and losers among global economies and stock markets.

Perennial laggard Germany has surprised with its strength: its economy grew 1.5% in the first three months of the year compared with a sluggish 0.4% in the UK.

However, its stock market is still down 5% since the start of the credit crunch last August, compared with a fall of 4% in the FTSE 100, according to figures from Morningstar.

Many favoured emerging markets such as China, which analysts hoped would “decouple” from the western ills, have also suffered falls. The Chinese market dropped 25% in the final three months of last year and has its previous strength to thank for an overall fall of 6.15% since the crisis. Overall, the best performing markets have been in oil-producing states as the price of crude has surged to record levels above $135. Morocco and Jordan are both up more than 30%.

We asked fund managers and market watchers where investors should be putting their cash — and which areas they should be avoiding.

NORTH AMERICA

Advisers report that UK investors’ long-term unwillingness to buy North American funds has developed into a refusal to contemplate taking a bet on the region since the credit crunch.

However, the US central bank, the Federal Reserve, took action earlier than most, and some commentators believe it will be one of the first countries to shrug off the effects.

Tom Walker, who runs Martin Currie’s US fund, said: “There have been a lot of poor economic data and people are understandably worried. But you have to remember that this is a very dynamic market with some of the best companies in the world.”

Many economists also believe that there is a good chance the dollar will strengthen against the pound over the rest of the year. Sterling stands at $1.98, but some analysts believe it will fall back as the UK economy continues to slow.

Philip Shaw, an economist with Investec, said: “Sterling is fundamentally overvalued against the dollar. Over the next five years, it will have to fall back into line.”

If you wanted to get back into America, analysts suggested funds such as Martin Currie North America or Neptune US Opportunities.

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