Economic issues are going on a world tour

As we covered yesterday, protestors stormed the houses of both the Sri Lankan president and prime minister over the weekend, swimming in the pool, cooking in the presidential kitchen, setting the prime minister’s house on fire, and even sleeping in the president’s bed.

The overarching catalyst for the unrest? Dire economic circumstances.

🌏 Around the world, they’re not alone…

• Pakistan’s new government, which came to power in April, narrowly averted a debt default in recent weeks that was driven by a soaring fuel-import bill. It’s currently seeking a bailout from the International Monetary Fund.
• Turkey (73.5%), Russia (17%), and Chile (13%) are currently dealing with annual inflation rates at or near historic highs.
• Afghanistan’s economy is still in shambles nearly a full year after the Taliban assumed power.

✂️ Big picture: The World Bank recently cut its forecast for growth in developing economies to 3.4% this year from 4.6% previously, citing the effects of spiraling prices for food and energy and rapidly rising borrowing costs following interest-rate increases in the US.