Based on inflation, unemployment, growth weakness, and cost of capital, Goldman notes that emerging market's "macro-misery" indices have pushed back to post-financial-crisis highs.
[3]
It is hardly a surprise that macroeconomic hardship is surging since in the 15 years since the EM sovereign bonds have been liquid, levels remain extremely elevated, despite the mainstream-media's relegation of the problem.
(click image for large legible charts)
[4]
As Bank of Mexico's Agustin Carstens warns, "we cannot rule out the event that some advanced economies run into deeper trouble again... the world economy is still in a fragile situation."