The debt service ratio (principal repayments and interest payments as a ratio of current earnings) at 4.9 per cent in June 2022 was lower than 5.9 per cent in 201213. Currently, it is one of the lowest among emerging market peers. 6/7  BIS - Central bankers' speeches  34.
The main risk to the global outlook once again derives from commercial tensions. Besides the already visible effects of the escalation of tariffs, quantitative restrictions can also have a significant global impact, particularly if accompanied by dislocation of value chains. The introduction of export restrictions in some countries may lead to trade diversion or import substitution, with efficiency losses.