Some relief may be in sight for countries battling spikes in Covid.
A major Wall Street firm expects vaccines will be a game changer for emerging markets and help them participate in a broad-based economic rebound by next year.
"It's all a matter of timing. Certainly, these are obstacles. But they are short-term in nature," Invesco chief global market strategist Kristina Hooper told CNBC's "Trading Nation" on Monday. "We should see a strong reopening trade because of emerging markets countries."
Get Tri-state area news and weather forecasts to your inbox. Sign up for NBC New York newsletters.
While the U.S. and Europe rev up vaccinations, other countries are struggling to keep Covid-19 and its new strains at bay. India and Singapore are among the latest hot spots.
"This reopening is going to occur around the world. It's just happening sequentially depending upon how countries have been able to control Covid-19," said Hooper.
Near term, she sees the United States' economic rebound as the strongest globally. In the second half of the year, she believes, other developed nations will strengthen.
Money Report
"We're already starting to see signs of European stocks performing better and outperforming other parts of the world," added Hooper. "I think that continues over the next several months as a strong reopening is anticipated and as these economies accelerate."
She considers Carnival's plan to resume cruises in Europe and the Caribbean this summer as a bullish sign of a sustainable global economic rebound. Hooper believes elevated household savings paired with pent-up demand will fuel the expansion.
"There are more and more people in these countries that are vaccinated, and they're ready to start participating in this economic reopening," Hooper said. "This suggests a strong reopening and benefits to areas like travel and leisure and even apparel."
'A handoff to other countries'
In coming months, the U.S. will take a backseat to Europe, she said.
"The U.S. is accelerating right now. Growth versus trend looks very attractive, and that's likely going to continue," Hooper said. "But we just have to recognize that there will be a point where growth moderates and then there's a handoff to other countries."
