The simple faster GDP growth-return “argument” for investing in emerging markets endures, far from the breakneck pace of early days, but the softer aspects of living standards now receive development lender attention and fund manager allocation weighting beyond headline output numbers. The IMF estimates that a vast swathe of the developing world may not reprise 2019 level of economic output until mid-decade or later without dramatic strides in neglected areas like structural reform to improve the banking-business environment. This overhaul was a prevailing theme in the first twenty years of the asset class, and lost momentum in the same interval since, but has resurfaced in the wake of the Covid/war devastation in some economies like Sri Lanka and Pakistan. A new issue is the break from the earlier goods and raw materials export-led economy model, toward technology and services directed to the home consumer and industrial base.