RBC Global Asset Management’s 9th annual Emerging Markets Perspectives webinar took place on January 22nd with speakers Polina Kurdyavko, Laurence Bensafi, and moderator Jason Pasquinelli. This thought-provoking session explored topics of interest to emerging markets investors from both equity and debt perspectives. The speakers shared insights on factors driving growth in emerging markets economies and highlighted potential opportunities in 2025. Topics included the potential impact of a Trump administration on emerging markets, current geopolitical risks and challenges, China’s faltering growth and uncertain trade future, and the outlook for currencies and commodities in the coming year. This webinar serves as a valuable guide for emerging markets investors, offering a roadmap to navigate the uncertainties of 2025. Key Points Looking ahead to 2025, geopolitical shifts and uncertainty around Trump’s policies may challenge some EM issuers but create opportunities for others, with structural support for the asset class likely to persist. Many EM countries have evolved significantly over the last few years, with improving deficits and current accounts, making them more resilient in challenging environments – a trend we expect to continue in 2025. Uncertain US trade policies will have regional and sectoral impacts, with some EM issuers poised to benefit from trade diversions, increased demand for specific products or commodities, and strategic leverage to better position them with the US. While China has announced they are taking steps towards improving the country’s growth, there appears to be little follow through, heightening investor concerns, particularly around their relationship with the US.