Emerging markets are undergoing a seismic shift. While they have traditionally been perceived as dominated by ‘old economy’ industries, many EM economies have transitioned from ‘primary’ and ‘secondary’ industries toward more ‘tertiary’ or service-based industries over the past decade.
In fact, new economy sectors, including consumer discretionary, information technology, communication services and health care, now account for over half of the EM benchmark equities index, nearly double the weighting of a decade ago. And, while the shift toward the new economy is indeed global, EM companies are at the forefront of some of these fast- growing but highly concentrated sectors.
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Supporting documents
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