For this white paper, over 30 PGIM investment professionals, as well as leading academics and policy-makers from around the world, were interviewed to debate the most striking developments across emerging markets (EM), the likely winners and losers, and the most attractive investment themes arising from the evolution of EMs. The developed market-oriented, export-led growth model that propelled EM growth since the 1980s is stalling due to a variety of factors. Increasingly, EM countries will be the masters of their own fate, with growth dependent on their individual abilities to capture domestic and regional opportunities. Navigating the risks and opportunities offered by this new EM order will be an increasingly important driver of portfolio returns over the long term.
