Emerging markets have shown resilience to risk-off shocks in recent years. While favorable external conditions helped, stronger policy frameworks played a critical role in improving macroeconomic stability and reducing reliance on foreign exchange interventions. https://www.imf.org/en/Publications/WEO/Issues/2025/10/14/world-economic-outlook-october-2025?cid=sm-com-x-AM2025-WEOEA2025002(IMF)