{"id":572976,"date":"2020-07-15T04:00:28","date_gmt":"2020-07-15T04:00:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/15\/why-we-now-need-to-be-talking-more-about-ems\/"},"modified":"2020-07-15T04:00:28","modified_gmt":"2020-07-15T04:00:28","slug":"why-we-now-need-to-be-talking-more-about-ems","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/15\/why-we-now-need-to-be-talking-more-about-ems\/","title":{"rendered":"Why we now need to be talking more about EMs"},"content":{"rendered":"

<\/a> Why we now need to be talking more about EMs: <\/strong>Middle-income economies that stand halfway between the world\u2019s richest and poorest \u201care uniquely vulnerable in the pandemic.\u201d Despite this, those countries have largely been absent from the global narrative about the extraordinary steps needed to shield the global economy from the fallout, the Financial Times\u2019 (paywall)<\/a> editorial board writes in an op-ed.<\/p>\n

Emerging economies <\/strong>have been<\/a><\/strong> tapping local debt markets or counting on central bank reserves,<\/strong> but unlike developed countries, they can\u2019t depend on bn-USD stimulus programs and, unlike the poorest countries, aren\u2019t in line for debt relief. This is made worse given the high debt levels, shaky healthcare systems, economic stagnation and serious inequality that characterized many EMs going into the crisis.<\/p>\n

The risks are worthy of our attention: <\/strong>EM aren\u2019t just shaky economies, they\u2019re also often clogged with political unrest. The fallout from the outbreak, thus, not only threatens pushing mns into poverty but has the potential to give way to waves of internal unrest. And while many EM are still able to access international capital markets, \u201cthe calm is deceptive,\u201d the FT writes. \u201cAs virus-induced recessions hit emerging markets with full force, budget deficits will blow out, triggering a wave of downgrades by ratings agencies and scaring away investors.\u201d<\/p>\n

One solution is to increase the IMF\u2019s firepower: <\/strong>The IMF has so far lent out USD 25 bn to vulnerable countries, but this is far from the USD 2.5 tn in financial needs<\/a> the fund has estimated for EMs. Rich countries have been considering making their IMF special drawing rights (SDRs) available to hard-hit countries including island nations in the Pacific or the Caribbean. This move could set a precedent, but much more should be done to increase the fund\u2019s capacity as a lender of last resort.<\/p>\n","protected":false},"excerpt":{"rendered":"

Why we now need to be talking more about EMs: Middle-income economies that stand halfway between the world\u2019s richest and poorest \u201care uniquely vulnerable in the pandemic.\u201d Despite this, those countries have largely been absent from the global narrative about the extraordinary steps needed to shield the global economy from the fallout, the Financial Times\u2019 […]<\/p>\n","protected":false},"author":1,"featured_media":572977,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[107,7106,104,115,72,10296,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-covid-19","tag-debt","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-globalization","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"644d2ab8-e6b4-4927-965d-355cbeb28029","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/115.jpg","photo_position":"above","related_issue":[572961],"teaser":"","voice_url":""},"yoast_head":"\nWhy we now need to be talking more about EMs - 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EMs have racked up significant debts since the 2008 global financial crisis, and are scheduled to repay nearly USD 800 bn-worth of debt on\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/1221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573355,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/29\/developing-economies-are-threatened-with-distress-as-they-struggle-to-pay-down-their-growing-debt-piles\/","url_meta":{"origin":572976,"position":1},"title":"Developing economies are threatened with distress as they struggle to pay down their growing debt piles","author":"enterpriseam admin","date":"29 July 2020","format":false,"excerpt":"Growing debt piles are becoming increasingly insurmountable for some developing economies as they struggle to find the resources to repay bns of USD borrowed from private investors over the past decade, the Wall Street Journal says. 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Positive real interest rates and smaller fiscal deficits are providing emerging market policymakers a range of policy tools with which to combat the global economic slowdown, argues the Financial Times (paywall). In a time where developed\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/2275.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580604,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/what-will-impact-emerging-markets-in-2023\/","url_meta":{"origin":572976,"position":3},"title":"What will impact emerging markets in 2023?","author":"enterpriseam admin","date":"9 January 2023","format":false,"excerpt":"Last year was a tough one for emerging markets. What will 2023 bring? Emerging markets had a rough ride last year. 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