Structurally, EMs face three converging forces: geopolitical realignment, supply‑chain reconfiguration and an intensifying technological race, each presenting both opportunities and risks.
On the equity side, China and India remain key contributors to the EM opportunity set. In China, near-term stabilisation efforts sit alongside longer-term industrial and technology priorities, including securing critical-mineral supply chains and addressing excess capacity.
India’s growth remains driven by domestic demand, supported by expected tax changes, the anticipated Eighth Pay Commission[10] and ongoing reform momentum. More broadly, Asia is set to remain the primary EM growth engine, contributing to a more diversified[5] opportunity landscape.
