Hunger and Blackouts Are Just the Start of an Emerging Economy Crisis

Fed hikes and pandemic debt piles add to the risks for developing nations. Some are already sliding into turmoil.

Photographer: Maria Magdalena Arrellaga/Bloomberg

A barrage of shocks is building that’s unlike anything emerging markets have had to confront since the 1990s, when a series of rolling crises sank economies and toppled governments.

Turmoil triggered by rising food and energy prices is already gripping countries like Sri Lanka, Egypt, Tunisia and Peru. It …