Turmoil in emerging markets

In 2015, Goldman Sachs published a report, noting that financial turmoil in emerging market (EM) economies would represent the third wave of the 2008/09 Global Financial Crisis (GFC).

This comes after the second wave, represented by the European sovereign debt crisis that erupted between 2010 and 2013, and the first wave, represented by the US housing crisis, which set off the whole crisis in the first place about a decade ago.