The commodity price spike that has been worsened by Russia’s invasion of Ukraine isn’t an equal-opportunity dispenser of economic distress.
The surging energy costs are causing headaches for governments around the world, but are especially painful for poorer nations that rely heavily on imported fuels. These countries don’t have the fiscal buffer enjoyed by wealthier peers, and can’t count on increased revenue from their own exports.
Morocco, Thailand, Vietnam and Pakistan are some of the most-affected larger economies, based on energy import and gross domestic product data from the United Nations. Poorer families in those countries — and others — will find it tougher to buy basic goods, manufacturing sectors that support millions of jobs will be at risk, and some governments may even find themselves under threat.