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What Sri Lanka reveals about the risks in emerging markets

But even some exporters of oil and other commodities have been less able to take advantage. William Jackson of Capital Economics points to Nigeria, where local refineries have shut down for lack of maintenance and the country is having to import expensive refined products. The government also pays high fuel subsidies to the population, which more than offset the revenue boost from rising prices. “It is really remarkable for an oil-dependent economy that rising oil prices are having a negative effect,” he says.