"Taking account of economic growth, fiscal performance and external finances since 2003, Bolivia, Peru, Azerbaijan and Cote d`Ivoire benefitted most from the boom among Fitch-rated CEMs, while Bahrain, Gabon, Venezuela and Suriname benefitted the least," the report said.
According to the report, emerging-market commodity exporters` fiscal revenue is likely to be $1.3trn lower in 2016 than in 2013.
Median government spending in CEMs has increased by about five percentage points of GDP since the mid-2000s, but it has been unchanged since 2012, Fitch said.
According to the report, in contrast, government spending in non-commodity emerging markets (NCEMs) increased by about three percentage points of GDP before 2012, and then declined by two percentage points of GDP, implying a stronger policy response even though they were not faced with the same dramatic revenue declines.
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