In the analysis of emerging market sovereign bonds, what is meant by structural factors?

What will be an ideal response?

In the analysis of emerging market sovereign bonds, factors structuralfactors involve an assessment of the country's long-run health. Although not directly associated with the default of the sovereign entity, poor structural fundamentalsprovide guidance as to the likely development of economic problems. These factors include dependence on specific commodities to generate earnings from exports, indicators of economic well-being such as per capital income, and income distribution measures.Two macroeconomic measures used for gauging structural risks are the five-year average GDP per capital growth and inflation as measured by the average change
year-over-year. The key in the analysis of structural factors is forecasting when the market will focus on them and, as a result, increase serviceability and solvency risks.