Flagging eagerness or too little disclosure of looming risks will be penalised immediately. We have to bear in mind that market pressure – together with political pressure – has fostered reforms and hopefully keeps them on track. By the same token, however, investors should have some patience for reform measures to unfold.
In addition, positive economic surprises over the summer, especially in advanced economies (AEs), have led to a slight improvement in the outlook for 2020–2021, with a less severe decline expected for this year, to be followed by a somewhat less vigorous bounce next year.