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Emerging Markets’ Shifting Bottom Line
One truism of the last three decades is that emerging markets are a leveraged play on global growth: they outperform when developed economies are growing, but they are susceptible to sharp downturns when global conditions are less favorable. This more or less remains true. But when considering emerging-market investment opportunities in the years ahead, one must also understand the changes that have followed developed-market financial crises and a larger shift in the geopolitical landscape. On one hand, many emerging economies have become more resilient and are no longer simply riding on developed markets’ ... (full story)