organ EM vs. DM relative equity performance and growth forecasts Ratio of MSCI EM (MXEF) vs. MSCI DM (MXWO) on the left axis and the ratio of JP. Morgan EM vs. DM 2014 GDP growth forecasts on the light axis 0.8 0.7 06 0.5 Jan-13 Jul-13 — EM vs. DM equity — EM vs. OM growth forecast Jan-14 S