When the American Federal Reserve raises interest rates — as it did Wednesday — the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans.
The fallout can be felt beyond America’s borders, hitting shopkeepers in Sri Lanka, farmers in Mozambique and families in poorer countries around the world. The impacts abroad range from higher borrowing costs to depreciating currencies.
“It will put pressure on all types of developing countries,” said Eric LeCompte, executive director of the Jubilee USA Network, a coalition of groups seeking to reduce global poverty.
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