Reforms, Volumes and Re-Rating: Unlocking the Next Growth Chapter for Emerging Markets

Emerging markets are entering a new phase where reforms, not just growth, are the real drivers of equity outperformance. While GDP expansion sets the stage, history shows that without credible governance, regulatory, and market-access reforms, valuations and liquidity fail to keep pace. This whitepaper explores how reform leaders such as India, Saudi Arabia and Vietnam have unlocked lasting re-ratings, while others like China, Nigeria and Pakistan highlight the costs of stalled or reversed initiatives. With a new reform wave gaining momentum across Asia, the Middle East and frontier markets, investors have a timely opportunity to identify where “1+1 can be greater than 2” – when growth and reforms combine to deliver durable market leadership.