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While we are favorable on the overall outlook for emerging markets (EMs), there is a wide disparity in the pace and stage of their recoveries from economic disruptions caused by the COVID-19 pandemic.
While some EMs are still heavily dependent on commodities and exports, technology has become as central to EMs as it has to developed markets.
The drivers of value creation over the past decade have shifted, transforming the shape of EM equities as an asset class.