Following suit, the IMF estimated that financial conditions for the majority of countries are already similar to the ones that prevailed in early 2009 or in the first phase of the pandemic, in April 2020.
Due to the worsening of financial conditions, emerging countries’ presence in the international financial market has almost halved, as has the borrowing in hard currency during 2022 relative to the previous year. 2  Concurrently, financial conditions in the local currency have tightened.