EFTA Document EFTA01458587

Macro outlook 10* 1401 10021 1905 OW W2,2 20W X421 2.,x6 200! xee 2.°11 But this will need time. Further market volatility is possible because many EM corporations used the low interest-rate environment of the past few years to borrow money, thereby sharply raising their debt. An appreciating U.S. dollar and rising interest rates should increase the interest and principal payments due on foreign loans. Rising defaults cannot be ruled out, additionally impeding the economic devel