The iShares MSCI Mexico Capped ETF (NYSEArca: EWW) is down 7.7% year-to-date while the iShares MSCI South Korea Capped ETF (NYSEArca: EWY) is up 3.1%. There is currently no country-specific ETF that tracks the Czech Republic.

“The Mexico story is attractive and more compelling than some of the others in the region,” El-Erian added, while “the BIITS list might be the more-troubled emerging markets.”

The International Monetary Fund warned that growth in emerging markets is currently at its weakest since 2009. The IMF expects developing economies to expand 4.5% this year, down from its previous 5% prediction.

For more information on developing economies, visit our emerging markets category.

Max Chen contributed to this article.

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