Key emerging markets BEFORE the COVID-19 shock:

1. No growth whatsoever in Mexico, South Africa or Argentina
2. Turkey managed to grow thanks to massive credit stimulus
3. COVID-19 shock comes at worst imaginable time for EM
4. Takes difficult growth picture & makes it much worse

Key emerging markets BEFORE the COVID-19 shock:
1. No growth whatsoever in Mexico, South Africa or Argentina
2. Turkey managed to grow thanks to massive credit stimulus
3. COVID-19 shock comes at worst imaginable time for EM
4. Takes difficult growth picture & makes it much worse pic.twitter.com/KNqMyPH1dz

— Robin Brooks (@RobinBrooksIIF) March 25, 2020