Oil spat turns into a splat: A reminder of the winners and losers in EM
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Oil price fall obviously compounds Covid-19 sudden stop for oil exporters and cushions it for importers, but unequally
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Exporters: High FX reserves, flexible FX rate, low fiscal break-even, non-oil growth drivers – eg Russia over Saudi-GCC
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Importers: Low trade, remittance links with oil exporters – eg China, Thailand, Kenya over India, Pakistan, Philippines
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