were "already in debt distress or at high risk of it" on the eve of the invasion of Ukraine.
Asia: In Sri Lanka, an island nation of 22 million, an economic and political crisis is already boiling over, with protesters taking to the streets in defiance of curfews and government ministers stepping down en masse.
Grappling with high debt levels and a weak economy reliant on tourism, Sri Lanka was forced to run down its reserves of foreign currency. That prevented the government from making payments for key imports such as energy, creating devastating shortages and forcing people to spend hours lining up for fuel.
Its leaders have also devalued its currency, the Sri Lankan rupee, as they try to secure a bailout from the International Monetary Fund. But that just made inflation worse at home. In January, it reached 14%, almost double the rate of price increases in the United States.
Meanwhile, Pakistan's Khan faces a vote of no confidence on Saturday in the country's parliament. While his political problems date back years, he's now battling claims of economic mismanagement as the cost of food and fuel leaps and the government depletes its foreign exchange reserves.
"The extent of economic chaos has united opposition to Imran Khan," Kinnear of Verisk Maplecroft said.
Middle East and Africa: Experts are also watching for signs of political distress in other countries in the Middle East that are heavily dependent on food imports from the Black Sea region, and often provide generous subsidies to the public.
With an estimated 70% of the world's poor living in Africa, the continent will also be "very exposed" to rising food and energy prices, Arezki said.
Droughts and conflict in countries like Ethiopia, Somalia, South Sudan and Burkina Faso have created a food security crisis for more than a quarter of the continent's population, the International Committee of the Red Cross said this week. The situation risks getting worse in the coming months, it continued.
Political instability has already been building in parts of the continent. A series of coups have taken place in West and Central Africa since the start of 2021.
Europe: Even countries with more developed economies, which have greater buffers to shield citizens from painful price increases, won't have the tools to fully cushion the blow.
Thousands of protesters gathered in cities across Greece this week to demand higher wages to counter inflation, while France's presidential election is narrowing as far-right candidate Marine Le Pen plays up her plans to reduce the cost of living
. President Emmanuel Macron's government said last month it was considering issuing food vouchers
so that middle and low-income families could afford to eat.