Oil spat turns into a splat: A reminder of the winners and losers in EM

  • Oil price fall obviously compounds Covid-19 sudden stop for oil exporters and cushions it for importers, but unequally

  • Exporters: High FX reserves, flexible FX rate, low fiscal break-even, non-oil growth drivers – eg Russia over Saudi-GCC

  • Importers: Low trade, remittance links with oil exporters – eg China, Thailand, Kenya over India, Pakistan, Philippines
April 21st, 2020
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