The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Country risk September 1999: Daring to hope, fearing the worst

The emerging markets are bouncing back - at least some of them are. While they do, the market is holding its breath as crisis-hit countries implement fiscal and monetary reforms. And while economists believe growth rates will improve, they are also resigned to sovereign defaults on foreign debt. Commentary by Rebecca Cicolecchia, research by Alexa Marx.

For historical country risk data please visit the Euromoney Country risk website

Global Economic Projections, September 1999 

According to the latest Euromoney country risk ranking, the key Asian economies have turned the corner. The region has made the necessary adjustments to regenerate growth, broadly benefited from new-found currency competitiveness and has begun to attract investors again, as governments, banks and corporates push ahead with restructuring plans. However, the scale of the challenges ahead is reflected by these countries' modest rebound up the rankings. Political commitment to wholehearted reform is still in question.

Malaysia turns the corner

Economists and analysts are particularly positive about Malaysia. It climbs 12 places to 46, making the country one of the highest climbers in the whole survey. For economic performance alone, it rises 28 places to 46, with GNP growth forecasts of 3.4% over the next two years. Attitudes to prime minister Mahathir's monetary policy have softened somewhat, now the ringgit is pegged to the dollar. South Korea, the Philippines and Thailand also do well.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree