EM funding drought requires tough policy choices and weighs on growth prospects

  • Over 1/3 of the EM index is locked out of the market and 'higher for longer' reality means this is likely to persist

  • A lack of alternative funding sources means governments must 'right size' twin deficits to levels that can be financed

  • This requires policy adjustments that could exacerbate the risk of social unrest and reduce long-term growth prospects
November 15th, 2023
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