LDEM - Emerging Markets Through The Looking Glass: Signs Of Growth Potential Post-Pandemic

• As an expected wave of re-openings sweeps the developing world, a serendipitous set of external dynamics could fuel the post-pandemic recovery in the EM asset class.
• A strong manufacturing cycle and decade-high commodity prices are dominant drivers of what we expect to be a strong recovery in EM growth over the remainder of 2021.
• For now, we believe tourism will be the last sector to normalize, remaining a damper on growth in a non-negligible subset of emerging markets.

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