Fiscal Consolidation for Emerging Market Investors

The debt stock is more than doubled since the global financial crisis and of course interest rates are higher hopefully they won't stay at these levels indefinitely but they don't look like they're going to get back to where we were over course of the decade before the pandemic so that combination means that they are going to have to make some significant choices. Janet: Some of those spending decisions they make may impact future human capital future productivity and they also have some inflation reconsequences.