Emerging markets are already looking forward to 2019, glad to see 2018 nearly behind them. It turned out not to be a good year for emerging markets as a whole, after being on top of the world in 2017. Factors beyond their control—such as the monetary-tightening regime in the United States and high-flying dollar, trade wars and market corrections in developed economies—are largely to blame, but recognizing this will not erase the pain.
Russia’s economy suffered some major setbacks in recent years, especially as a result of low oil prices, slow growth and sanctions. The country’s equity-market performance slumped in response to the unfavourable macroeconomic and political conditions, but in 2017 it turned upbeat as investors flocked back to take advantage of emerging opportunities, creating an environment conducive to further business growth and prosperity for 2018.
As political leaders joined business leaders from around the world at the 48th annual meeting of the world economic forum in Davos, the discussions offered great insight and an opportunity to debate some of the key themes facing financial services as it intersects with technology.