ents have reduced returns to capital to help offset the impact of low growth on living standards. Figure 24: EM vs DM net margins (%) — Utilities MSCI EM - Utilities Net Margin (%) 10 12 14 16 0 2 4 6 8 MSCI DM - Utilities Figure 25: EM vs DM net margins (%) — Telco Net Margin (%) 10 12 14 16 18