---
title: Research from Goldman shows that rising oil prices hurt emerging market economies as a whole.
description: "While emerging markets typically depend more heavily on commodity exports compared to developed markets, they also use a greater share of commodities relative to their GDP. \n\nThis makes them vulnerable to the indirect consequences of higher oil prices, such as slowed global economic growth.\n\nNoteworthy exceptions include Brazil and Russia.\n\nSource: Goldman Sachs, Markets & Mayhem"
---

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# [Research from Goldman shows that rising oil prices hurt emerging market economies as a whole.](https://blog.syzgroup.com/syz-the-moment/research-from-goldman-shows-that-rising-oil-prices-hurt-emerging-market-economies-as-a-whole)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Mar 3, 2026, 3:39:04 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/research-from-goldman-shows-that-rising-oil-prices-hurt-emerging-market-economies-as-a-whole)

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