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