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  "notes": "The slide discusses the resilience of large corporations versus the vulnerability of SMEs and emerging economies to high interest rates.",
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      "text": "Higher interest rates amid slowing growth will strain debt loads for the public and private sector alike.",
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      "text": "Line chart showing HY issuer default rate from 2006 to 2023, with peaks in 2010 and 2021.",
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      "text": "However, small and medium-sized companies, that form the backbone of many domestic markets, will be particularly sensitive to slowing economic growth and persistently high interest rates.",
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      "text": "Heavily indebted countries are also exposed to these economic conditions. The risk of sovereign debt defaults is rising but notably, even with a strong US dollar, larger emerging economies such as Mexico and Brazil have largely avoided debt distress to date.",
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      "text": "Higher interest rates amid slowing growth will strain debt loads for the public and private sector alike. The corporate debt default rate remains far lower than peaks hit during the 2008-09 Global Financial Crisis (Figure 1.19).",
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      "text": "Source: Kraemer & Kugle, 2023.",
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      "text": "FIGURE 1.19 Corporate debt defaults (United States, 2006-2023)",
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