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Net Margin Appears to Have Peaked in Developed Markets but Not in Emerging


  • We noted in October 2018, that net margin in Developed markets may have been close to a peak which appears to have been the case
  • Emerging markets’ net margin is still below peaks before the Asian and Global Financial Crises
  • Developed market more driven by one-off US tax cuts
  • Net margin in Developed markets is still at the highest it has been in over two decades–remains a risk


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