What does the fall in oil prices mean for EMs?

The $10pb fall in global oil prices over the past couple of weeks will improve the terms of trade for major EM oil importers, such as India, and will help to provide some relief for countries with weak balance of payments positions, such as Turkey and Lebanon. EM oil producers clearly lose out but, aside from Bahrain and Oman, it shouldn’t have major ramifications for their economies.

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