First in, first out: EMs will lead DMs out of the rate hiking cycle in 2023

  • Some emerging market central banks have tackled inflation more proactively than their developed market counterparts

  • They hiked rates sooner and lifted them higher, taking real rates into positive territory and driving down inflation

  • The rate cycle may be close to ending in LatAm (Brazil, Chile), C. Asia (Armenia, Kyrgyzstan), SSA (Angola, Mozambique)

November 22nd, 2022
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