2022 was a disaster for emerging markets (EMs); in 2023 they were simply mediocre. The asset class crashed by a fifth last year as “zero-Covid” Chinese lockdowns and Russia’s expulsion from the index hit returns.
Hopes for a strong relief rally this year went unfulfilled. The MSCI EM index has gained 4.6% in the year to mid-December, badly lagging the average gain of 19.9% for the
