One of the heads of Moody’s rating analysis department said: “The tourism industry will only recover in two years, so economies that rely on this industry will continue to be under pressure in the next two years.”
Credit rating agency Moody’s said on Monday that unlike oil-dependent countries, tourism-dependent economies must wait another two years to return to pre-pandemic levels.
David Staples, one of the heads of Moody’s rating analysis department, said: “The tourism industry will only recover within two years, so economies that rely on this industry will continue to be under pressure for the next two years. .”
At a seminar on economic recovery in emerging markets, analysts emphasized that, unlike tourism, rising oil prices will mobilize economies that rely on this raw material, thus showing that, on the one hand, Lusophone Cape Verde (Lusophone Cape Verde) and Brazil’s Angola (Angola) On the other hand, Equatorial Guinea may experience different economic developments in the coming quarters.
Analysts said at a Moody’s seminar that although there are signs of improvement, credit pressure indicators in emerging markets and companies operating in these markets are still high.
Moody’s Executive Director Atsi Sheth emphasized: “In 2020, the real GDP of emerging countries among the members of the Group of Twenty (G20) has dropped by nearly 6% on average.” Moody’s Executive Director Atsi Sheth emphasized: The growth will be restored this year, but for For many emerging markets, it is necessary to wait until 2022 to reach pre-pandemic levels.
In an analysis of sub-Saharan Africa, Giulia Pellegrini, an analyst at Allianz Insurance Company, emphasized that the region “should not have new financial defaults this year”, not only because of these countries The economy is recovering, and it’s about getting your help.
“We do not expect new defaults this year. There are many initiatives to support African countries in these difficult times, reduce debt payments, extend the Debt Service Suspension Initiative (DSSI) to December, and establish a common debt processing framework. The analyst recalled, “However, these solutions are not definitive. “
Giulia Pellegrini said: “These measures temporarily reduced payments, but many countries did not join because they were worried that financial rating agencies would downgrade.”