Once one of the poorest and least developed regions of the world, Asian economies have exploded on the international stage in the 21st century to become some of the world’s most dynamic economies. Together with other developing economies, they are viewed by professional investors as an asset class of their own: Emerging Markets (EMs). 

While the Covid-19 pandemic has hurt the global economy; it is hitting EMs especially hard. At the DBS Asian Insights Conference held over July 23 and 24, senior minister Tharman Shamugaratnam warned that the economic pressure of Covid-19 can lead to a very real risk of EM economic gains unravelling. Former International Monetary Fund (IMF) chief economist Raghuram Rajan sees EMs like Mexico, India and Peru losing economic muscle with each passing day. He predicts an incomplete recovery for EMs and fiscal weakness going forward. 

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