The more supportive global risk environment is helping to ease some financial strains across the EM world, but there are still pockets of vulnerability heading into 2024. Balance of payments positions are fragile in Turkey and Tunisia. Public debt risks remain acute in some frontiers, South Africa as well as parts of Latin America and Central Europe. Credit booms have also continued to inflate in Russia and India, which raises banking sector risks and has prompted central banks to tighten macroprudential measures.
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