Developed markets highlighted on global map: U.S.: 15.9%; Canada: 1.4%; U.K.: 2.2%; France: 2.3%; Germany: 3.4%; Spain: 1.4%; Italy: 1.9%; Japan: 4.0%; Australia: 1.0%.
Emerging markets highlighted on global map: Mexico: 1.9%; Brazil: 2.4%; Egypt: 1.0%; Turkey: 1.9%; Russia: 3.1%; India: 6.8%; China: 18.3%; South Korea: 1.8%; Thailand: 1.0%; Indonesia: 2.5%.
|Emerging Markets:||57.5%||Developed Markets:||42.5%|
|Emerging Asia||32.2%||G7 countries:||31.2%|
|Middle East/North Africa||6.3%|
Sources: International Monetary Fund and Wells Fargo Investment Institute, as of December 31, 2020. G7 countries include Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. GDP = gross domestic product.
- The global growth recovery should extend beyond Europe and the U.S. next year to include China and neighboring Asian emerging markets. Global growth this year and next likely will exceed levels experienced since the 1970s.
- We believe that global distribution of the COVID-19 vaccine, will keep the global growth recovery on track.
- Geopolitical tensions could resurface as the U.S. and China reach sustained levels of economic growth.