EFTA Document EFTA01375003

Deutsche Bank Finding the weakest EM: macro adjustment in major EM economies has been limited since the Fed taper tantrum India has adjusted Fiscal balan Public debt FX valuation \ Reserve cover Current Growth Inflation \ Credit growth Private / debt eal rates Current account Brazil has not... ...and nor has TOrkiye Growth Growth Fiscal 1.0 nflation Fiscal 1.9 -" --..- ..... Inflation ,..-- balance balance Public ` Credit Public / Credit debt growth deb