in this chart we look only at EM charts, and notice India and Indonesia are the exceptions as most markets still below 2008 in dollar basis... this is true not only for EM but for the utmost majority of markets in the world.
few other exceptions i found are germany, switzerland, korea, japan, denmark & netherlands...
few other exceptions i found are germany, switzerland, korea, japan, denmark & netherlands...
Note
Made a post on using performance deflactors: 
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