Semple argues that while the coronavirus may mute some of that growth, China should be in “reasonably good shape” moving into 2021.

And while parts of Europe are facing threats of populism, Bremmer doesn’t see too many threats to the continent on the horizon. As part of Brexit, the U.K. and the EU will have to come to an agreement on trade.

Though Europe has been out of favor among many international investors in recent years, there are numerous value opportunities, according to David Marcus, CEO of Evermore Global Advisors, where he manages a value-oriented international strategy.

“We’re in a period of time—Europe has been a smaller story for many years—but there are various one-offs around restructuring, activist investors stepping up and private equity entering into the fold,” Marcus says. “What you have now is a confluence of events which will be conducive to investing in Europe.”

Japan is another more stable area on the globe, said Bremmer. There’s very little populism, policies are remaining consistent and the country’s civic institutions are not being delegitimized.

The changing practices with dividends and share buybacks among Japanese companies make equities there attractive, McLennan says.

“Japan trades at lower multiples, and there are many fine businesses there,” he says. “One of the things that’s happened in Japan in the last decade, we’ve seen a marked improvement in corporate governance. With low payout ratios and dividend yields in Japan higher than the S&P 500, we’re seeing opportunities there that many investors haven’t seen in their lifetimes.”

According to these managers, some of the best opportunities may lie in the emerging markets. Much of the prospects for emerging market equities depend on the trajectory of monetary policy and the strength of the U.S. dollar. With the dollar coming into 2020 exceptionally strong, many managers expect that it will either stabilize or erode in value moving forward.

“The U.S. dollar outlook is not one of a higher dollar, and that’s positive for emerging markets,” Ribeiro says. “A more stable dollar is good for emerging markets. If you look within the emerging universe, you’ll see that all of these economies are in different cycles and are at different points of their cycles, but there’s nothing negative in the sense of big decelerations.”

As the Fed has stopped its path of normalization and lowered interest rates over the past year, many emerging market central banks responded by lowering their own interest rates, says Ribeiro, which is conducive for investing in equity markets across the developing world.