1、January 2022Global Head of Investment ManagementStephanie Braming,CFA,PartnerPortfolio ManagersMarcelo Assalin,CFA,PartnerClifford Lau,CFA Vivian Lin Thurston,CFA,PartnerTodd McClone,CFA,PartnerGlobal StrategistOlga Bitel,PartnerThis year is shaping up to be one of transition across emerging markets

2、(EMs).As COVID restrictions ease,many EMs are reopening and economic activity is rising.China continues to advance its Common Prosperity initiative while transitioning into accommodative monetary policy.Meanwhile,inflation looms,and central banks in some developed markets have begun tightening.Now,t

3、wo years after the virus emerged,we share our thoughts about how EM equity and debt are likely to fare in this reawakening.Emerging Markets:A Great Awakening GLOBAL EQUITY/EMERGING MARKETS DEBT Investment Management 2|EMERGING MARKETS:A GREAT AWAKENING As we entered 2021,much of the world celebrated

4、 human ingenuity and unprecedented global collaboration to develop COVID-19 vaccines,which promised to reduce severe lockdowns and promote a return to normalcy.While 4.3 billion people had received at least one dose of a vaccine by year-end,uneven reopenings and supply-chain disruptions combined wit

5、h labor shortages increased inflationary pressures.The inflationary impulse has remained stubbornly persistent and is expected to result in continued near-term tightening by developed market central banks.This dampens near-term expectations for EM growth and returns.At the same time,Chinathe worlds

6、second largest economyis focused on Common Prosperity,which has affected corporate valuations across a number of industries and has altered risk,return,and growth expectations.Looking forward,there are changing growth drivers resulting from the global pandemic,shifting consumer preferences,and chang