Países emergentes y en Desarrollo: El Nudo está Apretando

Semestrial Panoramas are special issues of the MacroDev series written by analysts from the Agence Française de Développement (AFD) (French Development Agency). They present a synthesis of macroeconomic and socioeconomic analyses of emerging and developing countries (EDCs). One feature of these short, country-focused articles is a thematic section that sheds light on the short-term and structural issues and major challenges affecting these countries. The double shock of the health crisis and the war in Ukraine has generated an inflationary spike unprecedented in developed countries since the 1979 oil shock and the Iran-Iraq war. This shock came to interrupt two decades of disinflation imported from China and other emerging and developing countries and more than a decade of ultra-accommodative monetary policies. Since then, central banks have implemented tighter monetary policies, first in developed countries and Latin America, then in the rest of the developing world. This has been coupled with fluctuations in agricultural commodity and energy prices.