Emerging markets: the next engines of global growth

In this episode of "Short Briefings on Long Term Thinking," Leo Kellyan interviews Andrew Keiller, a partner at Baillie Gifford, about long-term growth opportunities in emerging markets. They discuss the increasing significance of emerging markets in global trade, innovation, and raw material supply, and the potential shift away from US dollar dominance. Andrew highlights companies in emerging markets that are providing critical inputs, pioneering digital solutions, and capitalizing on large domestic markets, using examples like SQM (lithium), SK Hynix (semiconductors), Kaspi (digital services in Kazakhstan), Sea Limited (e-commerce in Southeast Asia), and Luckin Coffee (China). He emphasizes the importance of understanding the entrepreneurial vision behind these companies and the potential for significant growth in these economies, while also acknowledging geopolitical risks, particularly in China. Andrew concludes by advocating for greater investment exposure to emerging markets, which he believes are driving global change and offer decades of growth potential.