Global

The countries most vulnerable to tight global financial conditions – in 2 charts

  • 20% of the EM sovereign index is distressed as tight global financial conditions have locked many EMs out of the market

  • Countries with limited market access and large external financing needs will struggle to plug their funding gaps

  • We map GEFR vs spreads, which flags Egypt, El Salvador, Ethiopia, Ghana, Kenya, Pakistan and Tunisia as most vulnerable

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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

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