While not envisaging any systemic risk propagating across emerging markets, the macro financial outlook remains challenging amid growth concerns, still-high inflation and tighter global financial conditions. The current geopolitical environment, with its impact on macro and financial conditions, is making an idiosyncratic crisis more likely.
While not envisaging any systemic risk propagating across emerging markets, the macro financial outlook remains challenging amid growth concerns driven by softening domestic demand and decelerating global demand, uncomfortably high inflation triggering yet more monetary policy tightening, and shifting global financial conditions from extremely accommodative to tighter ones.
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