The emerging markets have been pummeled this year, but ETF investors may find a growth opportunity among the developing economies as their markets recover.

Investment bank Goldman Sachs expected emerging market shares, currencies and bonds to see a modest rebound next year, Reuters reports.

“We expect modest positive returns across the major EM indices next year, albeit with low risk-adjusted returns,” analysts at Goldman said in a 2019 outlook report.

The bank projected emerging market equities could experience the greatest rise at 12% in dollar terms, while EM currencies should strengthen by around 2% on average on economic improvements and a modestly weaker U.S. dollar. Meanwhile, in the local currency bond market, they added that closely tracked GBI-EM debt index could see a 10% rebound on an “unhedged” basis and including “duration effects”.

Investors who believe in the emerging market outlook have a number of ways to gain exposure to the international segment. For example, the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) and iShares Core MSCI Emerging Markets ETF (NYSEArca: IEMG) have been popular ways to gain broad exposure to the developing markets.

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