After a relatively strong economic rebound in 2021, growth will moderate in 2022, returning to pre-pandemic performance for most sovereigns, supported by high commodity prices and strong recovery in the US. However, political risks have risen as the pandemic shock exacerbated pre-existing social pressures across the region. Policy space will be constrained by seemingly competing forces; the need for fiscal consolidation and social demands for better services and more equitable societies. How will policymakers balance these demands, and what is the likely impact on sovereign credit profiles post-pandemic?
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