Risks to the downside threaten an extended emerging market rally. These risks include a tense geopolitical backdrop, idiosyncratic risks, and the normalization of monetary policy in the US, and gradually other high-income countries.

Risks to the downside threaten an extended emerging market rally. These risks include a tense geopolitical backdrop, idiosyncratic risks, and the normalization of monetary policy in the US, and gradually other high-income countries.