Chennai Investment：Emerging Markets, Year Ahead 2024emerring Markets in a New World

In the next few months, we exten global economic grewth to slow, Many Developed Central Banks to Follow Market Peers that have to cut intends ATES, and Politics to play an outsize role. The uster-Hamas andRussia-Ukraine Wars, and the us-Chinese rivalry all have the portal to affly Markets. Simultaneously, a wide range of indultrias look to deepen Ir Adoption of Generation AI Tools, Driving Gradual Productivity Enhancements. In our view, emerging markets play aKEY ROLE IN This Evolving Global Economic and Geopolitical Order.

Asia: at the center of the new order

China, The Region's Larget Economy, Has Consisteently Underwhelmed Expectations this year. It Seems Like Economic Activity Has Foundom in Jourly THANKS TO Proactive Fiscal and Monetary Policy Measures. Overall, We Think China's New Equilibrium GDP Growth Stands in the 4–4.5.5.5.5.5.5.5.5.5% Range for the Coming Years, Download 8% in the Past Decade and Over 10% in the Early 2000s, as the eConomy Digests Property Sector OverInvestment, DEMOGRAPHIC Headwind S, and a noisier relatedship between the government and the private sector.Means China's GDP PER CAPITA COULD DOUBLE to Around USD 25,000 by 2035.

India, for its part, is solidifying its root as an invertor darling, Thanks to the reasonable extens that it should deliver Annual GDP GDP ROUGHLY 6% over theChennai Investment. Next Few Years. This Growth Should be driven by favorable demographics and human capital trends;Productivity-ENCING Reforms Bearing Fruit; And the Country's Position as "Geopolitical Swing State," Which Affords It The Opportonity to Avoice Sides and pursing its intertests with flexibility.Nagpur Investment

More Broadly, Several Asian Economies hasfited from a Redirection of Investments in Nearskyo, Including Thailand, Vietnam, and Indonesia. Between 2010 And 2022, These Countries Along with India Have Seen their Share of GLOBAL FORECT DIRECT Investment Flows Grow Consides.

Latin American: Beneficiary of a New World

Latin America Enjoys Relative Peace, An Abundance of In-Demand Nature Resources, and A Stock of Human Capital and Infrastructure that Makes It a Desirable Inve Stment region in this new world. That said, lingering political unCERTAINTY, Weak Governance Metrics, SubDued Business SENTIMENT,And Scarce Appetite for Productivity-ENCING Reforms Represent Key Headwinds.

On aggregate, howver, we think the region is point to grow model faster than its its pre-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRE-PRONDemic pages. IGHTER for the Region's Heavyweights. Brazil is the lone active reFormer in the region and is BecomingThe Barn of the World Thanks ITS Wealth of Commodities, While Mexico Remains The Obvious Beneficiary by ITS Neighbors to the North. Andean Economies looks more challenging as unstable political dynamics in the countries will likely constinue tourb new infestation.A MOST Complex MacroeConomic Picture Awaits the Incoming Administration in Argentina, and the Recent Easing of US Sanctions on Venezula is a Next. condition for an economic turnaround.

Central and Eastern EUROPE, The MIDDLE EAST, and Africa: A MIXED PICTURE, Heavy on ConflictLucknow Stock

It's Difficult to Give An OverRiching Economic Message for This Region Commly Labeled Cemea — The Dhenamics Are SimplyJaipur Stock. ND South Africa Should See Their Economies Expand FURTHER Next Year — De to Improving Private Consumpting for the Former, and Better Electricityavailability for the latter. But türkiye and egypt, for exmple, should see weaker geaketh as monetary policly become tigner to address eConomic Bilities.

That Said, The Damocles' Sword of Conflict Unfortunately Hangs Over the Region. The Israel-Hamas War Risks spreaming to the middle easy, and Global Actors are mailing effects to prevent this from happy. Meanwhile, ukraine will go into intoITS Third Year of Fighting with Russia in February, and there are to be no viable path to neissions. The War's Direct Market Has Faded with T He REROUTING of Russian Oil and Gas, but its indirect impacts constinue to reverbeate Through Milital Budget Expendency, Crude Oil Supply Management, and the Broader Reorganization of the Global GeopolisticAl Map.

Investment implications

Looking Into 2024, We Expect Both Fixed Income and EQUITIES to Deliver Positive Returns Globally, But But Believe Investors Should Focus on Quality Given The WID the WID the WID E range of posesible outcoms.

Bonds Remain Our Preferred Asset Class in Global Portfolios, and We SEE WELL-DIVERSIFIED EMERGING MARET FIXED Income Exposure as DesiLELDS ARO UND 9% And 8% for SOVEREIGN and Corporate Bonds, Respectively, and We Expect The Asset Class to Deliver HealthyTotal Returns in Our Base-Case SCENARIO OVER the Next SIX to 12 Months. For Investors with A Preference for Individual Isuers, Selectivity Remains Essential As High Er Default Rates Should Be Expected in A Low-Liquidity Environment.

As for stocks, we believe the outlook for emerging market equation equity in the year ahead is more constructure that of some dueds such as the uk. Arket Companies look set to deliver solid mid-tens ele after 2024, while strong tracking ata sizable value discount to their deverted Market Peers, which we do, think is justified.

A New World Will Invital Mean Complexity and Volatility, but Also Opportonity to grow wealth. By Building a Plan user. LONGEVITY. Ramework,* and getting in Balance Through a Globally Diversify Multi-Asset Portfolio with Emerging Markets Exposure, InvestorsShould be well positived to navigate it.

*Time Frames May Vary. Strategies are subject to indicting Goals, Objectives and Suitability. LTH, or Any Financial Results, Can or Will Be Achieved.

Main controlor: alejo czerwonko

What to do next:

Read The Full Report Investing in Emerging Markets: Emerging Markets in the New World 15 November 2023.

VISIT The Year AHEAD 2024 LANDING PAGE PAGE and Read the Full Report Year AHEAD 2024: A New World.

Listen to the podcast: Top of the morning: Emerging Markets in a New World