We are entering what seems to be a synchronised interest rate cutting cycle over the next year, except for China and Norway, which out of 19 countries are the only ones expected to hike rates.

Experience over the past decade — when quantitative easing was in full force, and interest rates at the zero or lower zone in major economies — is that many countries, especially emerging markets, went on a borrowing spree in hard currency. When the US Federal Reserve signalled and eventually started to raise rates, debt servicing costs started to choke economic growth. 

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