Recent data releases suggest the global economy is holding up better than anticipated by gloomy forecasts (including ours). But it's far too soon to breathe a sigh of relief. In this latest episode of The Weekly Briefing, Group Chief Economist Neil Shearing explains why there's still appetite among central banks to keep raising rates, and why recessions still loom in advanced economies. Plus, EM sovereign debt may be in better shape than in the past, but households and corporate borrowing has surged and they now face a sharp rise in debt service costs – are they going to be able to cope? Liam Peach and Shilan Shah from our EM team discusses which economies are most vulnerable.