title: Fiscal Implications of the Deteriorating Global Economic Environment for EMDEs
abstract: The war in Ukraine and aftershocks from the COVID-19 pandemic present Emerging Market and Developing Economies (EMDEs) with an extremely challenging external environment shaped by sharply higher food, fertilizer, and energy prices, rising interest rates and spreads, and stagflation risk in advanced economies. These shockwaves have hit when many countries are still struggling with the health and COVID-19 pandemic's economic fallout, including stresses on fiscal and monetary policy. These external
journal: World Bank, Washington, DC eBooks