Around the globe, macroeconomic challenges are mounting, from higher inflation to multiplying shortages of goods and labour.
The impact on advanced economies and China has been much debated. There has been less attention though paid to the vulnerability of a significant group of developing countries.
This goes well beyond the short term. When combined with other forces in play, the most exposed developing countries risk being knocked off a secular global convergence process that many in development economics and finance have taken for granted for years.
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