The current short-term "risk-off" investment appetite will be found out to be "risk-on" in the long term. The Financial Times reports that investment in emerging and frontier markets has fallen to a low of 2.2% of GDP, compared to a high of 4.4% in 2007, before the global financial crisis. HSBC sees it falling even lower this year, to 1.5%.

Maybe we should look deeper into the causes rather than just analyse the results.

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