Emerging markets this year have been driven by the winds of a co-ordinated recovery in economic growth, with trade growing strongly, corporate earnings robust and interest rates still low on average across the EM universe.
But whether that environment will propel another year of strong gains for EM assets is another question. The big risks include the potential for a stronger US dollar and a China economic slowdown that could hit global demand for resources, several analysts say.
“The year 2018 may well be the toughest test yet for EM assets since the 2013 taper tantrum,” says David Hauner, head of economics for eastern Europe, Middle East and Africa at the Bank of America Merrill Lynch in London.
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