The impact on an EME depends on its objective conditions and on which channels become most active in its case. Thus, the crisis could affect different EMEs differently. But what is common across EMEs is that their growth momentum will be interrupted if the current global problems are not resolved quickly. Market signals 7.
In trying to reach a solution, it is important to recognize what the markets are signaling, even though, admittedly the basis of some of these market engendered fears may not be objective. Let me illustrate with a metaphor from physics. It is well known that Einstein could not reconcile to the probabilistic nature of quantum mechanics all through his life.