Non-financial corporate debt in emerging market countries has increased from 60 percent of GDP to 90 percent of GDP since early 2009. At the same time, average emerging market profitability fell sharply in 2015 and is at its lowest level in a decade.
And more than 20 percent of Black and Hispanic prime-age workers were laid off compared to 14 percent of white workers over the same period. Small businesses have also faced immense difficulties.