Skip to main content

EM default risks: more than meets the eye

The effects of the pandemic followed by the war in Ukraine have pushed a growing number of EMs into debt distress. And while some (Tunisia, Ghana) look likely to follow Sri Lanka’s path into default, at this stage, default risks in the largest EMs look minimal; instead, the bigger problem they face is a slow-burning rise in public debt ratios. Note: We'll be discussing EM debt crises, with specific reference to Sri Lanka and Pakistan, in a 20-minute online briefing today at 09:00 ET/14:00 BST. Register now.

Become a client to read more

This is premium content that requires an active Capital Economics subscription to view.

Already have an account?

You may already have access to this premium content as part of a paid subscription.

Sign in to read the content in full or get details of how you can access it

Register for free

Sign up for a free account to gain:

  • Unlock additional content
  • Register for Capital Economics events
  • Receive email updates and economist-curated newsletters
  • Request a free trial of our services


Get access