A year ago, while emerging markets grappled with whether they could afford to lock down their economies, richer governments side-stepped the dilemma by doling out giant fiscal support packages.
Today, a big question the developing world faces is whether to raise interest rates to curb inflation — another problem that western central bankers have so far been able to delay.
More so than in the west, rising prices already pose a threat to the economic stability of emerging markets. One reason for that is the rapid increase in global food prices, which are now near their highest level in a decade, according to a closely watched UN index.
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