With soaring public debt since the Covid pandemic and much higher debt servicing costs after aggressive rate hikes around the world, emerging markets remain a risky proposition. Some countries, like Zambia, Ghana, and Sri Lanka have already defaulted. The IMF has revised down its forecasts for EM economies in recent months, and the global impact of the recent banking crisis in the US and Europe is not yet known. Yet, ING’s sovereign debt strategist James Wilson sees value in the developing world. In this podcast, he explains why.