{
  "id": 11356320,
  "title": "Developing countries hit by overlapping crises, UNDP chief warns",
  "url": "https://urgent.news/2026/10/02/developing-countries-hit-by-overlapping-crises-undp-chief-warns",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-02T04:06:32.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/economy-news/developing-countries-hit-by-overlapping-crises-undp-chief-warns-4928876"
  },
  "original_language": "en",
  "account": "Developing nations are grappling with a cascade of crises, according to the United Nations Development Programme (UNDP). Rising energy costs, a powerful El Nino weather event, and soaring borrowing costs are creating a perfect storm, putting many countries at risk of financial distress. UNDP Administrator Alexander De Croo cautioned that this could result in a chain reaction, pushing numerous countries into financial turmoil.\n\nThe IMF-World Bank meetings in Bangkok from October 12 to 18 will bring together global financial leaders to discuss the pressing challenges facing the developing world. Energy prices have skyrocketed, driven by the Iran conflict and the strongest El Nino since 1950. This weather phenomenon is expected to cause more flooding in some regions and droughts in others, potentially pushing 49 million more people into food insecurity by the end of 2027.\n\nDe Croo noted that the conflict has evolved from a regional issue to a crisis affecting around 100 countries. Many governments have implemented measures to protect their citizens from the surge in oil prices, but their fiscal reserves are dwindling, and debt levels are mounting. No relief appears to be on the horizon.\n\nSome countries are exploring diversification in energy sources and adapting their food systems, but these efforts will take time, leaving them in a precarious situation. UNDP Chief Economist George Gray Molina pointed out that a significant shift occurred in September as some governments began allowing higher energy prices to pass through to citizens, and started reducing subsidies, tax relief, and other measures that had kept prices in check. However, this has left them unable to contain the fiscal and financial burden.\n\nMolina emphasized that bond market and oil price developments over the next 60 days will be crucial. Higher prices have already sparked protests and social unrest in 10 countries in September. Many nations surveyed by UNDP rated the crisis as a high or medium priority, with 13 governments stating that it was compounded by an existing economic or fiscal crisis, and all 26 forecast worsening conditions.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "New Straits Times",
        "title": "Developing countries hit by overlapping crises, UNDP chief warns",
        "url": "https://urgent.news/2026/10/02/developing-countries-hit-by-overlapping-crises-undp-chief-warns-11359427",
        "published": "2026-10-02T04:55:42.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}