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As the turmoil in Europe intensifies amid sharp market volatility and policymakers’ continued wrangling, all global risk assets, including emerging markets (EM) investments, are likely to feel the effects. That said, even if the global risk environment deteriorates significantly, our baseline secular view sees EM economies likely to continue along a trajectory of stronger relative growth. Within EM, select external sovereign debt, corporates and currencies may be better positioned to withstand a global downturn (though not without periods of heightened volatility), while some regions, especially those with close economic ties to Europe, may be more exposed to downside risks.________________________________________
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