Over the past decade, global debt leverage has been trending upward—and most recently exacerbated by the COVID-19 crisis. After an unprecedented era of easy credit, what will be the impact when the cycle turns?
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The credit outlook is improving. Credit stability has returned for U.S. public finance and S&P Global Ratings expects it to continue for the remainder of the year, but concerns persist over rising inflation in the U.S., which could prompt rising interest rates and possible spillover to other regions. Unlike in advanced economies – the U.S. and U.K. in particular – vaccination rollout remains low in Emerging Markets. Most EMs continue to struggle with handling the pandemic.Read the Research