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Buyer Beware: A Guide to Emerging Asia in 2019

  • EM Asia facing domestic struggles as external headwinds fade
  • India, Indonesia and Thailand are set to hold elections
A jeepney travels along a road in Manila, Philippines.
A jeepney travels along a road in Manila, Philippines.Photographer: Hannah Reyes Morales/Bloomberg
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As emerging-market bulls start to signal the worst may be over, domestic risks across Asia are worth keeping in mind for 2019: from central-bank autonomy in India to the price of rice in the Philippines.

On track for their worst year since 2015, developing markets are getting a tailwind from the U.S.-China trade truce, a weakening dollar and a more cautious tone from the Federal Reserve. Morgan Stanley forecast next year will feature a comeback for emerging markets as external headwinds ease. John Woods, chief investment officer for Asia Pacific at Credit Suisse Group AG, reckons “EM is looking pretty cheap” after a turbulent year.