The decade-long outperformance of developing-nation assets has ended, according to the Goldman Sachs Group Inc. economist who predicted the rise of the biggest emerging markets in 2003.
The five trends that spurred outsized gains during the past 10 years—surging growth in the so-called BRIC nations, higher commodities, improved government finances, slower inflation and lower U.S. bond yields—are halting and in some cases reversing, Dominic Wilson, the chief markets economist at New York-based Goldman Sachs, wrote in a report dated yesterday.
“While cyclical opportunities will come and go, the era of structural outperformance for EM is probably over,” he wrote.
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