The average emerging market sits in the spending-per-capita sweet spot - Portfolio Specialist Chris Adams

Pendal Group

Pendal Group

The average emerging market sits in the spending-per-capita sweet spot - Portfolio Specialist Chris Adams. Changing demographics continue to favour EM investment. The average EM sits in a sweet spot of per capita GDP where historical analysis suggests that discretionary spending rapidly accelerates.The demographic dividend in countries such as Indonesia and India, rapid urbanisation in China and the rise of a middle class everywhere are all throwing up new investable opportunities. EMs are changing quickly; today's growth drivers are often very different from yesterday's, yet only active management and careful country and stock selection can reflect this fact and align a portfolio accordingly. While there are emerging economies and markets which will suffer as Fed liquidity is withdrawn in the coming months, it is a mistake to treat EMs as an homogenous whole. Countries with current account deficits and liquidity-fuelled inflation - such as Brazil, Indonesia, and Chile - face significant headwinds in this environment, but there are opportunities in countries who don't face these headwinds like China and Taiwan. Click here to find out more (VIEW LINK)


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