U00 Globalisation

https://economictimes.indiatimes.com/prime/money-and-markets/seven-nations-have-defaulted-in-2023-so-far-will-there-be-a-spillover-effect-on-global-markets/primearticleshow/99621614.cms Will there be a spillover effect on global markets?
A recent report from Moody’s states that bond default rates are at the highest since 1983. Sovereign default risks have materialised in some emerging and frontier market economies as the turning credit cycle and growing macroeconomic headwinds create complex challenges for these countries, compounding the problems they already face.