Emerging Market Universe Is No Longer Affective Asset Class

Think how emerging markets have survived the third, strongest ever appreciation of US dollars through 2022 and the harshest increases in interest rates. It basically tells you that emerging market universe is no longer structurally weak asset class. And so to me, those two things combined basically says that number one, policy makers will have a room to better manage the economy over the next 12, 18 months rather than just fighting inflation. Now, what will be a fully fledged destruction on demand? Well, that will happen when a global GDP goes down in terms of gross rates towards 1% or less. But to me, the chances of that happening are probably 25%. So I think we're going to skirt global