Global equity markets were volatile in 2022 due to the aggressive monetary tightening by central banks, increased bond yields and geopolitical risks. While the MSCI Emerging Markets index lost 22% YTD in 2022, some developed markets saw benchmark indices declining 9-20%. The Nifty 50 outperformed world markets by delivering 4% YTD returns. Returns are based on 22 December values. Global volatility is unlikely to abate in 2023 as analysts believe