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Emerging Markets

Emerging markets encompass regions with significantly diverging fundamentals and a broad range of credit challenges—from persistent inflation and tightening financing conditions to sluggish domestic demand and geopolitical tensions.

EM Radar

Leveraging our expansive credit coverage, EM Radar spotlights S&P Global Ratings’ authoritative, forward-looking insights on the largest and most relevant emerging markets across the globe in a monthly newsletter.



Climate Finance In Lower-Income Countries

Low- and lower-middle-income countries are most vulnerable and least ready to adapt to climate change—yet receive the least amount of investment to transition their economies and build resilience to physical climate risks.


Monthly Highlights

U.S. Tariffs Cast A Cloud Over Economic Growth

Emerging markets (EMs) in Asia and Mexico are among the most directly exposed to U.S. tariffs due to their strong export links. Although there’s a 90-day pause on higher tariffs, trade policy risks remain elevated. Most EMs have opted for negotiation over retaliation, unlike China.

While direct tariff exposure is limited for many EMs, the indirect effect through weaker global growth driven by slower demand in the U.S., China, and EU could depress commodity prices, reduce EM exports, dampen investment prospects, and pressure external balances in more vulnerable economies.

EM credit conditions will deteriorate amid rising U.S. protectionism, as weakened market sentiment dents investment. We expect investment in key EMs to remain subdued until there is greater clarity on the trade policy's effect on growth, inflation, and interest rates.

Trump’s tariff announcements impacted corporate yields more than sovereign benchmarks with corporate spreads widening from tight levels across regions, amid net portfolio outflows in the month. Speculative-grade borrowing costs rose the most: more than 100 basis points since the end of February, with primary markets set in a selective mode towards the low end of the rated spectrum. In March, market activity was strong in Greater China (brokerage) and Malaysia (nonbank financial institutions [NBFIs])

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Credit Research & Insights

We deliver forward-looking, actionable insights on market-moving trends and their effects on credit—leveraging our proprietary data, analytical expertise, and cross-discipline approach. Our research includes ratings analyses, risk assessments, and credit market forecasts.






Credit Conditions

Our regional and global Credit Conditions Committees—and the research publications we produce—provide financial market participants around the world with an essential resource for identifying and understanding prevailing and potential credit risks.



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Our economists are responsible for developing the macroeconomic forecasts and risk scenarios used by S&P Global Ratings' analysts during the ratings process, as well as leading key cross-sector and cross-divisional research projects.


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