Could EMs become the next "South America"? Everyone knows they have economic difficulties, but pays much less attention

Nowadays, people still talk about the effect of the Chinese economic slowdown in the world economy and worry about the possibility of "Brexit". Meanwhile, some countries have been in economic trouble for many years, but the rest of the world pays much less attention to these countries. I think there are three reasons for this phenomenon. Firstly, it is not news. Secondly, it has not caused big impacts on other countries. Thirdly, it does not happen in the advanced economies. Currently emerging markets face a sharp decline in their growth. Is this a big problem to the rest of the world? I think the effect exists, but is not disastrous, as we still can see some advanced economies have decreases in unemployment and increases in incomes. Therefore, there might be a possibility that the EMs stop their economic growth but the advanced economies grow as previous by finding new trading partners, until one day that advanced economies cannot find new trading partners and realize that the whole world is in economic trouble.