Emerging market era more grind than go-go after rough start

A turbulent end of the easy-money era has deflated expectations for a boom year for battered emerging-market assets.
Brazils Planning Minister Simone Tebet (L) speaks next to Brazils Finance Minister Fernando Haddad during a press conference to announce new fiscal rules for the Brazilian economy at the Ministry of Economy in Brasilia on March 30, 2023. | Photo: Sergio Lima/AFP/Ritzau Scanpix
Brazils Planning Minister Simone Tebet (L) speaks next to Brazils Finance Minister Fernando Haddad during a press conference to announce new fiscal rules for the Brazilian economy at the Ministry of Economy in Brasilia on March 30, 2023. | Photo: Sergio Lima/AFP/Ritzau Scanpix
By Selcuk Gokoluk / Bloomberg

Brought down to earth by a volatile first quarter, the much-hyped EM investment story for 2023 is turning into one of resilience and hopes for decent returns — that is if fundamentals, not contagion risk, drive flows.

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