Emerging markets urgently need to take advantage of an unexpected respite from the US Federal Reserve and prepare their economies for the end of historically loose monetary policies, leading officials and analysts say.
Speaking in the wake of the US Federal Reserve’s decision last week to maintain asset purchases of $85bn for the time being, Mehmet Simsek, Turkey’s finance minister, highlighted the growing challenges facing developing countries, which have become reliant on extraordinary inflows of capital.
“Certainly we are going to get some headwind rather than tailwind; no question about it,” he told the Financial Times.
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