Explanation

The divergence increases when economic growth from non-listed firms rises.

Reasoning:

• Listed companies represent only a portion of the overall economy
• When non-listed firms grow faster, they capture more of the total economic growth
• This creates a gap between overall GDP growth and the earnings growth of listed companies
• The stock market's performance reflects only the listed portion of the economy

Example: If private companies, startups, or state-owned enterprises experience strong growth while listed companies grow more slowly, the stock market will underperform the overall economy.