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Emerging markets' outlook: Subdued growth not bad news

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Containers at Qingdao port in China. This year's consensus view on the global economy envisions a more benign growth environment, as easing trade tensions and a reduction in political risks provide a more constructive backdrop for trade and investment flows.

IN our view, stabilising but still subpar global growth will reign in 2020. Our baseline scenario envisions a global economic backdrop only marginally better than in 2019, thus leaving global monetary policy accommodation largely in place.

We expect EM fixed income to deliver more subdued...

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