Credit ratings play an important role providing information on sovereign borrowers. But financial markets, including credit ratings, often over-emphasize short-term economic concerns, and underweight longer-term issues, including environmental and social risks as well as investment in resilience and sustainability.
Forthcoming changes in US monetary policy will have significant impacts on countries? net international investment positions, likely pushing some least developed countries to greater indebtedness.
World population continues to grow and is expected to peak at a level of almost 11 billion around the year 2100. Most of this growth will take place in low-income and lower middle-income countries.
Central banks have relied heavily on unconventional monetary policy tools, especially large-scale asset purchases, to respond to the pandemic. These programmes have helped to stabilize financial markets and kickstart economic recovery. But the central bank asset purchases have also contributed to an underpricing of risk and sharp increases in asset prices.
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