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The 2020-2024 EM fixed income outlook
The Emerging View
20 December 2019
Following another year of strong returns, EM fixed income has outperformed developed bond markets by a significant margin over the past four years. The outperformance is likely to continue in 2020, because EM fixed income remains attractively priced both in absolute terms and relative to bonds in developed markets as well as under-owned and well-supported by an improving fundamental backdrop. This report reviews the performance of EM bond markets in 2019 and presents potential return scenarios for 2020 and the period out to 2024. The report also discusses income inequality and misallocation of global capital, which are likely to emerge as important issues in global finance in the years ahead.