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Continuing economic revival from the Covid-19 pandemic, nascent fiscal recoveries and higher commodity prices add up to a moderately net improving or neutral macro credit environment for the main emerging-market (EM) regions in 2022. However, they still face a number of risks.The evolution of the pandemic remains uncertain and it leaves a legacy of higher government debt. Fed tapering, rate rises and a stronger US dollar mean more challenging external financing conditions. The global inflation shock has forced abrupt EM policy interest rate hikes, which will weigh on growth, raise government borrowing costs and add to risks of social unrest.