Goldman Sachs Admits Faulty China Rebound Forecast; Sees Resilient Emerging Markets in 2023
• Goldman Sachs made wrong prediction that China's economy would strongly rebound in 2023 • Learned that emerging markets minus China perform very differently from Chinese assets • Second lesson is resilience of broader emerging markets even with strong dollar and slowing China • Policy action by emerging market central banks helped them withstand economic shocks • Expect positive returns for emerging market assets in 2023 due to better macroeconomic conditions