{"id":55633,"date":"2025-01-30T19:58:21","date_gmt":"2025-01-30T19:58:21","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/01\/30\/how-canada-became-a-breakdown-nation-ruchir-sharma\/"},"modified":"2025-01-30T19:58:21","modified_gmt":"2025-01-30T19:58:21","slug":"how-canada-became-a-breakdown-nation-ruchir-sharma","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/01\/30\/how-canada-became-a-breakdown-nation-ruchir-sharma\/","title":{"rendered":"How Canada became a \u2018Breakdown Nation\u2019: Ruchir Sharma"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Veteran global investor on American exceptionalism, the future of globalization and how Canada became a breakdown nation<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Jan 30, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 47\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">12 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"fdb19c75-a137-4579-9fe7-e21eb9cdc804\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Ruchir Sharma is Chairman of Rockefeller International and Founder and Chief Investment Officer of Breakout Capital, an investment firm focused on emerging markets.<\/span> <span class=\"credit\">Photo by Matt Greenslade<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">As a veteran global investor, Ruchir Sharma has built a career out of identifying the next winners in emerging markets. But even superstar economies can crumble into \u201cbreakdown nations\u201d \u2014 a label Sharma recently bestowed on Canada. Sharma is chairman of the investment firm Rockefeller International, <span class=\"TextRun SCXW205534436 BCX0\" data-contrast=\"auto\" lang=\"EN-US\" xml:lang=\"EN-US\"><span class=\"NormalTextRun SCXW205534436 BCX0\">founder and chief investment officer of Breakout Capital, <\/span><\/span>a contributing editor to the Financial Times and the author of several books, including \u201cWhat Went Wrong with Capitalism.\u201d In this Q&amp;A with the Financial Post, Sharma discusses the state of emerging economies, U.S. divergence and what could prompt a Canadian comeback. The interview has been edited and condensed.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment2935009990422458783631476327972864\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" 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UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\"><strong>FP: <\/strong><em>You published a book called \u201cBreakout Nations\u201d and have also written about comeback nations, but last year you added a new category, breakdown nations, and identified Canada as one. What went wrong for Canada?\u00a0<\/em><\/p>\n<p><strong>RS:<\/strong> If you look at Canada\u2019s per capita income, it\u2019s been a massive laggard since 2010. Across the developed countries, in fact, I don\u2019t know of any other major country where per capita income has done as poorly as Canada\u2019s. Not even the likes of Germany and the U.K., which have otherwise been the poster children for economic trouble around the world in the last 10 to 15 years.<\/p>\n<p>Obviously, the U.S. has been in a league of its own in terms of per capita income increase. But in Canada, the cumulative per capita income increase over the last 15 years has been minuscule. The annual rate in the last decade has been close to zero. That\u2019s one very simple measure as to why Canada has been such a big laggard. Because before the 2008 global financial crisis, at least, Canada\u2019s per capita income was growing in line with that of the U.S.<\/p>\n<p data-async=\"\">The divergence has been incredible, and I\u2019d say this is a pretty damning statement on the outgoing prime minister <span style=\"font-weight: 400\">\u2014 <\/span>that he\u2019s presided over practically zero per capita income growth since becoming prime minister. What masks a lot of this is that Canada\u2019s overall economic growth hasn\u2019t been that bad, but that\u2019s mainly due to better demographics, such as population and immigration. At the end of the day, per capita income growth is what really matters to the average Canadian, and that has been quite poor. That\u2019s the principal reason why I included it as a breakdown nation.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment3959910549483630687610177989902336\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">The other issue with Canada is the fact that, whatever growth it has achieved has been largely driven either by the government or, in the private sector, by a lot of debt <span style=\"font-weight: 400\">\u2014 p<\/span>articularly in the mortgage sector, which raises the issue of financial stability. Canada\u2019s private credit to GDP is one of the largest globally and has increased massively over the last couple of decades. A lot of these mortgages are at variable rates and are getting repriced very fast, unlike in the U.S., where a lot of it tends to be at fixed rates, so any pain from high interest rates is amortized over time. Housing affordability in Canada has obviously been declining very sharply, and that\u2019s an issue.<\/p>\n<p data-async=\"\">The only positive for Canada at this stage is the fact that the currency has become cheap, particularly against the U.S. dollar. The prospect of getting a new leader is always good for a country that\u2019s gone through a difficult time, because we find that\u2019s what helps drive economic reforms and some change. And the fact that a lot of people have turned negative on Canada and the narrative now is much better understood. So from a contrarian standpoint, Canada looks a bit better.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot17 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories2592984168985723311340406588833792\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.5\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. 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Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment7683749028431731712944711510523904\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>But overall, there can be no debate about the fact that it\u2019s been a breakdown nation, based on simple metrics like per capita income, where its performance has been the worst of any major country in the world over the last decade or so.<\/p>\n<p><strong>FP: <\/strong><em>What would it take for Canada to become a comeback nation? What are the key things Canada needs to fix?<\/em><\/p>\n<p><strong>RS:<\/strong> One thing is that it needs to be a bit preemptive about how it deals with the whole mortgage situation, because you don\u2019t want a mortgage crisis or a debt crisis to happen in Canada. But more than that, I feel that the government has to become much more supportive of investment. You need the private sector to see its animal spirits come back. On the technology front, Canada has been a big laggard because there\u2019s a tech boom going on around the world and Canada really hasn\u2019t shown much prowess on that front.<\/p>\n<p>Those are a couple of things that I see out there. A failure environment for investment. A less interventionist government in terms of that. Reducing its dependence on government spending because, like I said, a lot of the consumption is really driven by the government. Also, building trade relationships outside of the U.S., because it\u2019s hard for nations to become dependent on the U.S., given where the U.S. is going in terms becoming much more of a protectionist nation.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment6055983804792086563442263131684864\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\"><strong>FP: <em>There is a lot of talk about \u201cAmerican exceptionalism\u201d these days, but you called what is happening with the U.S. \u201cthe mother of all bubbles\u201d \u2014 not just in the stock markets but due to America\u2019s general outperformance relative to the rest of the world. What trends are you seeing in the U.S. that make its dominance unsustainable?<\/em><\/strong><\/p>\n<p><strong>RS:<\/strong> Firstly, let\u2019s just recognize that this has been an incredible period of outperformance for America. You have this great disconnect that\u2019s opened up where America\u2019s share in the global economy is just under 30 per cent, but its share of the global stock markets, if you look at the global MSCI index, is approaching 70 per cent. If America keeps outperforming at this rate, it will practically be the only country in the world to invest in. A lot has to do with the fact that this law of large numbers catches up with America.<\/p>\n<p>There\u2019s a lot of recognition of America\u2019s strengths, and I\u2019ve also been a big fan of America, but I\u2019d say that now, in the last few years, there are a couple of things that really concern me.<\/p>\n<p data-async=\"\">One: that a lot of America\u2019s growth, which the world is very impressed with, is being financed by an increased amount of debt. In the U.S., it now takes $2 of government debt to generate $1 of GDP growth. That\u2019s just unprecedented. I know no other country in the world with such math currently. And that\u2019s a function of the fact that America is running a fiscal deficit of about six to seven per cent of GDP <span style=\"font-weight: 400\">\u2014 a<\/span>nd this is in the middle of an economic recovery. Can you imagine how much that deficit would be if you end up getting a recession? It would blow out to 10 per cent or something. These are very unsustainable finances which are propping up America\u2019s economic growth.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment5332002132988820301216599777476608\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The second thing is that everyone is super impressed with the AI wave and the AI mania in America, but I feel that there\u2019s a bit of a risk here, because we don\u2019t know what the returns on this AI are going to be, and everyone\u2019s just rushing to invest in AI where they can. That\u2019s because the tech prowess is one thing that has led to America doing so well, but the tech prowess is not something that will last and it can also lead to mistakes of hubris, overconfidence and overinvestment.<\/p>\n<p>The other point I\u2019d say is the dollar is now super expensive. On some measures, the dollar is the most overvalued that it\u2019s been since it became a freely floating currency back in the early 1970s. It\u2019s a very expensive currency now, and that\u2019s bound to hit America\u2019s competitiveness. A lot of the returns in America have been turbocharged by the dollar being so strong. When the dollar starts weakening in the next few years, even months, I would expect that the returns elsewhere will look more impressive, and people won\u2019t allocate so much capital to America.<\/p>\n<p>What concerns me is the groupthink that says this can only continue. That under Trump, the dollar\u2019s bound to get stronger, the environment is more business-friendly, so the stock market is bound to go higher. This whole idea that if there\u2019s any place you want to invest in, it\u2019s America. That unidimensional view is what concerns me in the near term.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_7\">\n<section aria-describedby=\"advertisment5211176863525259822447058906775552\" class=\"ad\">\n<p>Advertisement 7<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p><strong>FP: <\/strong><em>What\u2019s your outlook for U.S. stocks in 2025 \u2014 will the U.S. market continue to outperform this year?<\/em><\/p>\n<p><strong>RS:<\/strong> No. I\u2019d be very surprised if the American stock market were to outperform the rest of the world this year, given the path that I\u2019ve explained, given that the concerns could turn more towards the deficits as the year goes by and the fact that the overvaluation is already so significant. Things begin to happen quietly at first, and then they happen suddenly.<\/p>\n<p>This is very short term, but even this month, while the American market has continued to par ahead, the European markets have done even better for the first time in a long time. It could be possible that, very quietly, things are beginning to change. Getting the timing on these things is very difficult, but, just given how bullish sentiment is towards America, it would be very surprising to me if the American stock market outperforms the rest of the world this year.<\/p>\n<p data-async=\"\"><strong>Q: <\/strong><em>U.S. President Donald Trump is back in office. Will his policies make America even stronger economically, or cause more problems than they fix?<\/em><strong><br \/><\/strong><\/p>\n<p><strong>RS:<\/strong> Firstly, I feel the world is far, far too focused on what Trump\u2019s going to do. Every conversation begins with, \u201cThis is what Trump can do, this is what Trump\u2019s impact is going to be.\u201d My feeling is that, a year from now, if you look back, maybe the impact he had wasn\u2019t that great. I guess I\u2019m in that camp, which is the fact that the effect of what he can do or cannot do is possibly being overestimated. Mainly because he gets so much mind space and media share, so we think that this is all that there is.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_8\">\n<section aria-describedby=\"advertisment5347065258432318569551715335405568\" class=\"ad\">\n<p>Advertisement 8<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-8\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"8\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-8\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Even if you look at his first term, things played out a bit differently than what people initially expected, and the contrast is striking. When he first won the election in November 2016, the markets freaked out about what he would do. And then, in 2017, we had a very stable year where the market went steadily up, with very low volatility<span style=\"text-decoration: underline\">,<\/span> and the best performing market in the world during his first term was the MSCI China (Index). Of course, different factors were at work in China. The tech sector was booming, Tencent and Alibaba were emerging as global behemoths.<\/p>\n<p data-async=\"\">I\u2019d say that his policy mix can be both good and bad for the market. So far, we have seen the better side, which is that he hasn\u2019t acted on tariffs as yet, so the markets have been relieved by that. On the other hand, he\u2019s talked up things like AI, the business environment, cutting corporate taxes, which have been good for the market and the animal spirits. So I\u2019d say what he\u2019s done has started out on a positive note, undoubtedly because he hasn\u2019t done anything on tariffs, which is the big fear.<\/p>\n<p>But as I said, there are other concerns that could easily come up. If he keeps pushing for more tax cuts without them being funded, concerns about the deficits could come. And we know that the bond vigilantes around the world are getting more active. We\u2019ve seen that from Brazil to the U.K. And then also the fact that if he still does tariffs, that could have some impact on the negative side.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_9\">\n<section aria-describedby=\"advertisment6054737021139872407014063298576384\" class=\"ad\">\n<p>Advertisement 9<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-9\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"9\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-9\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>He is obviously an important factor, but not every single investment professional or analyst today thinks that the way to analyze markets is to start by what Trump is going to do. There are multiple factors at work.<\/p>\n<p><strong>FP: <\/strong><em>Does \u201cAmerica First\u201d and Trump\u2019s more isolationist agenda mean globalization is dead? What does this mean for the breakout nations of the world?<\/em><\/p>\n<p data-async=\"\"><strong>RS:<\/strong> In terms of learning to trade without Trump, most of the fastest growing trade routes in the world today don\u2019t include America anymore. America\u2019s share of global trade is declining, whereas if you look at the share outside of that, it\u2019s been pretty stable. We\u2019ve seen a slowdown in globalization over the last 10 years, for sure, because America has turned more protectionist, and global trade has collapsed everywhere. It\u2019s sort of plateaued. But it\u2019s really America where things are declining. And there have been enough countries in the world where global trade as a share of GDP has gone up significantly <span style=\"font-weight: 400\">\u2014 <\/span> countries like Japan, Italy, Sweden and even the breakout nations like Vietnam, Turkey and Greece.<\/p>\n<p>It\u2019s very much a nuanced picture, but the main picture is that global trade as a share of GDP has been stable around 60 per cent, but within that, America\u2019s share has come down, whereas in many other countries it has in fact gone up. So, because America is turning a bit more inward and more protectionist doesn\u2019t mean that\u2019s the benchmark for what\u2019s happening around the world. A lot of other countries are quietly moving on to increasing bilateral trade, regional trade agreements. And as a result, of the 10 fastest growing trade corridors in the world today, five have a terminus in China and only two have a terminus in the U.S.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_10\">\n<section aria-describedby=\"advertisment9425282430906163447551656680488960\" class=\"ad\">\n<p>Advertisement 10<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-10\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"10\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-10\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p><strong>FP: <\/strong><em>You\u2019re a veteran of emerging markets, and you\u2019ve noted that emerging economies are rebuilding their growth lead over developed economies \u2014 even the U.S. Why should investors be looking at emerging markets, and what countries or emerging markets are you looking at in 2025?<\/em><\/p>\n<p><strong>RS:<\/strong> Emerging markets have done very poorly over the last 10 to 15 years. They had a great decade in the 2000s and after that it\u2019s been quite poor in terms of performance. But, frankly, outside of the U.S., everything has done very poorly. There was a fundamental reason for that, which is that a lot of these emerging markets were paying for the sins of the 2000s, when they had a wild party. They took on too much debt, and then China\u2019s decline has also had a negative impact to some extent \u2014 especially for the commodity markets where so much overinvestment had taken place.<\/p>\n<p>But now I think a lot of these emerging economies are hitting an inflection point. Over the next five years, based on the projections, I expect\u00a0that about 85 per cent of all emerging economies are likely to grow faster than the U.S. That\u2019s a very high number. That\u2019s a number we last saw back in the 2000s. So I think emerging markets are on a bit of a comeback trail. A lot of people have given up on emerging market investing because the last 10 to 15 years have produced no returns, but that\u2019s true, as I said, for most international markets.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_11\">\n<section aria-describedby=\"advertisment9694803743286175869976499588169728\" class=\"ad\">\n<p>Advertisement 11<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-11\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"11\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-11\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<section aria-labelledby=\"moreTopicLabel6401929121320121765442879638994944\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" american=\"\" exceptionalism=\"\" is=\"\" not=\"\" everything=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"U..S. President-elect Donald Trump speaks at AmericaFest, Sunday, Dec. 22, 2024, in Phoenix.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=80&sig=XUkbpGfHe02HD-TWhCmcQw\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=5&sig=hod1D3Ms85qHjTbJbpo8IQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=96&strip=all&quality=80&sig=XUkbpGfHe02HD-TWhCmcQw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=192&strip=all&quality=80&sig=gQsEg0kjE-N3QsLXGqadSg 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0108-bc-trump.jpg?h=288&strip=all&quality=80&sig=DRFtnvUWHWqLqYrGsc-PfA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Sharma: American exceptionalism is not everything<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" nations=\"\" like=\"\" canada=\"\" have=\"\" a=\"\" lesson=\"\" for=\"\" the=\"\" world=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=96&strip=all&quality=80&sig=zaH2YinsJKJKT0cjxHSCpQ, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=192&strip=all&quality=80&sig=wbltIgjEJwRCJ7f0KPq-Lw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/05\/toronto-0510-ph.jpg?h=288&strip=all&quality=80&sig=MPsATIG0-jKmXlPB0sReKQ 3x\" alt=\"Toronto\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">&#8216;Breakdown nations&#8217; like Canada have a lesson for the world<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>I\u2019ve always liked India because it\u2019s a great place to invest, at least from a stock market perspective, given the fact that there are so many good quality companies in India. Apart from that, there are many other markets that are trading very cheap today. Indonesia, Philippines, Poland, Greece. Argentina is surprising everyone with the kind of reforms that it has taken out, and if it becomes the model for change in Latin America, that could have positive impact on other countries as well, because Latin America has also been undermined by the so-called \u201cpink tide\u201d in socialism. And then you have countries like Vietnam, Malaysia. I think that these are some of the breakout stars that I would point to both for 2025 and the coming years.<\/p>\n<p data-async=\"\"><em>\u2022 Email: jswitzeroconnor@nationalpost.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>How Canada became a \u2018Breakdown Nation\u2019: Ruchir Sharma<\/a><br \/>\n<br \/>2025-01-30 19:58:21<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Veteran global investor on American exceptionalism, the future of globalization and how Canada became a breakdown nation Published Jan 30, 2025 \u00a0\u2022\u00a0 Last updated 47\u00a0minutes&#8230;<\/p>\n","protected":false},"author":2,"featured_media":55634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0131-bc-sharma.jpg?quality=90&strip=all&w=288&h=216&sig=c42AVyYQ-sw032Bp_lLf3w","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-55633","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/55633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=55633"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/55633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/55634"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=55633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=55633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=55633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}