In the U.S., the Federal Reserve is expected to raise interest rates for the first time since 2018 amid soaring inflation, the impact from the crisis in Ukraine and the ongoing coronavirus pandemic.

The move will also have an impact on emerging markets. Most countries are already facing a slower economic recovery from the COVID-19 pandemic than the U.S. is, and the move further complicates an increasingly difficult economic outlook for many nations.

Joel Richards reports.