FAST FIVE: El-Erian Warns: Beware A Global Economy With Little Fires Everywhere

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Big shocks to the global economy, such as Russia's invasion of Ukraine, understandably capture the most attention.

The challenges are particularly acute for fragile commodity importers in the developing world, especially when compared to the problems facing advanced economies.

And while the recent decline in the yen's value may be attention-grabbing in a Japanese context, a disorderly collapse of poorer countries' exchange rates could fuel widespread financial instability.

As Michael Spence, the Nobel laureate economist and an expert on growth and development dynamics, pointed out to me recently, the probability of simultaneous growth, energy, food, and debt crises is worryingly high for too many developing countries.

If that nightmare scenario materializes, the effects will be felt far beyond individual developing countries – and will extend well beyond economics and finance.

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