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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.



2024 Global Emerging Markets Virtual Conference

Delivering insightful discussions and valuable perspectives on the region's economic future, the Asia-Pacific edition of our highly anticipated Global Emerging Markets Conference 2024 returned with the theme: "Is Emerging Asia Picking Up Steam?" Watch the replay to hear our engaging exploration of the latest trends and opportunities in emerging markets across Asia.


Monthly Highlights

Blurring Long-Term Outlook

In our June economic outlook,we kept our general macroeconomic baseline largely unchanged,and we continue to expect the 2024 GDP growth to be stronger than in 2023 across most emerging markets (EMs). However, in several economies, policy-related risks have risen following elections that are generating uncertainty over reforms, fiscal trajectories, and institutional frameworks. Trade is seento be improving, particularly inEM EMEA and LatAm.However, further improvement remains highly vulnerable to setbacks.

Moreover, we observe a slowdown in long-term GDP growthacross some EMs, mostly because of slower labor productivity and fixed investment. In an environment of high interest rates, EM Asian economies with higher domestic savings may be better positioned to finance investments and boost long-term growth prospects, thanLatAm and EM EMEA. The pace of long-term GDP growth plays an important role in our sovereign ratings.

Food inflation has been moderating in the past 12 months, but at an uneven pace across EMs. Despite some moderation, prices for several food commodities remain above pre-2022 peaks,with economies in Sub-Saharan Africa and the Middle East as the most affected.

Financing conditions showed some regional discrepancy in terms of benchmark yield trajectories and bond market activity. Issuance was particularly strong in Hungary, Malaysia, Thailand, and Turkiye, while disappointing in Mexico and Brazil. Historically low corporate spreads keep buoying speculative grade issuance.

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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.



Economic Research

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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