Kuwait, Oman, Azerbaijan, Albania and Guatemala all show up at the "safest" end of our frontier EM macro risk metrics. By contrast, Bolivia, Lebanon, Sri Lanka, Cote d'Ivoire and Bahrain are currently the riskiest economies in the index.

We caution against putting too much faith in quantitative risk metrics when applied to the EM periphery and frontier, given greater inherent macro volatility. But the extremes at both ends are still very telling.