Emerging markets account for the majority of new global coronavirus cases each day (see Chart 1) and, while containment measures may be tightened sporadically, these are generally likely to be targeted and localised. The spread of the virus is, of course, extremely unpredictable. But the risk of prolonged severe lockdowns similar to those seen in March and April – which would cause much greater economic damage – generally seems to be concentrated in parts of Latin America.
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