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Regional and local governments in emerging markets generally report weaker access to basic services and higher levels of poverty, inequality and informal employment than their advanced economy peers, which weigh on their growth and financial metrics.
With the exception of Emerging Europe, emerging market fiscal balances will remain far from their pre-crisis levels through 2022.
Gulf Cooperation Council sovereigns’ ambitious economic and fiscal diversification efforts have so far yielded only limited results, which are hampered by lower oil prices.
Asset risks will rise as coronavirus support measures are unwound, driving our negative outlooks for banking systems in Africa and the Middle East, while strong loss absorbing buffers and improving operating conditions underpin the stable outlooks in Asia, Latin America and most of Emerging Europe.