## Figure 1.18. Emerging Market Economy Challenges

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### Trade linkages
- Malaysia
- Vietnam
- Poland
- South Africa
- Russia
- Indonesia
- Hungary
- Mexico
- Thailand
- UAE
- Turkey
- China
- India

### Corporate fragilities
- Malaysia
- Vietnam
- Poland
- South Africa
- Russia
- Indonesia
- Hungary
- Mexico
- Thailand
- UAE
- Turkey
- China
- India

### External financing vulnerabilities
- Malaysia
- Vietnam
- Poland
- South Africa
- Russia
- Indonesia
- Hungary
- Mexico
- Thailand
- UAE
- Turkey
- China
- India

### Banking system weaknesses
- Malaysia
- Vietnam
- Poland
- South Africa
- Russia
- Indonesia
- Hungary
- Mexico
- Thailand
- UAE
- Turkey
- China
- India

### Definitions and thresholds used to identify elevated risks
- Trade linkages: countries that rank in the top quartile among all countries for either trade openness or exports to the United States and the United Kingdom.
- Corporate fragilities: countries whose percentage of debt issued by firms with an interest coverage ratio below 1 rank in the top quartile of countries in Table 1.1.
- External financing vulnerabilities: countries with reserves as a percent of ARA metric below 100 percent in 2016 or projected external financing requirements above 15 percent of GDP in 2017, as shown in Table 1.1.
- Banking sectors: countries with Tier 1 capital ratios below 11.5, using Financial Soundness Indicators data as shown in Table 1.2.
- Acronyms: ARA = Assessing Reserve Adequacy; UAE = United Arab Emirates.

*Source: IMF staff.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-18.pdf_