Independent Strategy

Developing problems

The downturn in developed markets (DMs) will be savage, with no hint of the ‘V-shaped’ recoveries that were sold as probable at the outset of the crisis. But DM balance sheets are big enough to cope with the impact of a health and economic shock, even of this scale. That doesn’t mean it’s going to be a pain-free exercise, but it should be manageable, much as the financial crisis was. Not all economies are starting from this position however. The impact of Covid-19 in the emerging market (EM) universe looks to be far more serious.

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