Emerging market equities returned 75 per cent in dollars in 2009, outperforming developed market equities by about 50 per cent. Over
the past decade they have returned more than 100 per cent in dollars with dividends reinvested, versus negative returns for developed market equities.
At Morgan Stanley, we estimate that emerging market economies will increase their gross domestic product by 6.5 per cent in 2010 against just 2 per cent for the advanced economies. But that is not the reason we expect further outperformance of emerging equity markets.
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