A Perfect Storm for Developing Countries
Interrelated economic and political crises in poorer countries are putting millions of lives at risk, but mitigation is possible. Leading economies must refrain from beggar-thy-neighbor policies and use their combined resources in the IMF and the World Bank to act quickly and unconditionally to avert disaster.
OXFORD – Through no fault of their own, developing countries face a perfect storm of famine, political upheaval, and debt crises. Russia’s invasion of Ukraine and the Western-led sanctions it triggered are partly to blame, as are COVID-19 lockdowns in advanced economies, which deprived poor countries of vital tourism and export revenue.