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Geoeconomics 101: implications for the dollar, emerging markets and beyond | 29 Jan 2026 | DB Research

Overall Strategic Conclusion

We are entering a structurally more fragmented global system where:

  • Economic policy is weaponised
  • Defence spending structurally higher
  • Financial networks politicised
  • Commodity control strategic
  • Tech stack dominance decisive
  • Dollar dominant but gradually diversifying
  • Europe structurally behind
  • EM volatility structurally higher
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UJ
Feb 22, 2026