According to the article below, Biden's fiscal policy is probably good for the US, but not so for the emerging economies. Takin India as an example, the articles says that the non-tradable sector (services) that is going to drive growth in the US is not going to help the emerging economies. Comparing the present situation to the GFC (Global Financial Crisis 2007) recovery trajectory, the article highlights that:
"So what is the likely policy response from emerging economies? Depending on the country-specific macro-economic fundamentals, emerging economies may either respond by letting their currency depreciate or by increasing domestic rates to contain outflows."
Image - IMF
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