ET Intelligence Group: Emerging markets (EMs), which posted their worst annual performance in 2022 since the global financial crisis, may show a trend reversal in 2023 as historically they have shown a tendency to recover first in a recessionary environment. They are therefore often touted as an early-cycle asset class.
In each of the four US market recessions since 1990, EMs were the first to recover demonstrating a significant jump from
