Inflation and rising rates are only a mild headwind to growth

ON EMERGING MARKETS

Allianz GI's Guido Stiel believes the secular emerging markets story is very much intact.

Most emerging markets have developed over the past decades with regard to income, education and other social indicators. Governments will continue to work to further improve living conditions to maintain new-found social and political stability. As has been shown by the recent events in MENA, a certain level of public contentedness is a prerequisite for governments to stay in power. Job creation is one of the most important means to reach this goal, which refers to the number and the quality of jobs on offer. China's current five-year plan is providing a good example of this. The focus h...