Fitch downgrades Russia’s credit rating amid Ukraine crisis, says default is ‘imminent’ - The Washington Post

…A Russian default could shake the economies of developing market countries — favored by some lenders for their high-yield upside — so profoundly that investors could ditch those venues in favor of safer bets, experts say. That would flood Western markets with capital pulled out of China, India, Brazil and eastern European economies, fueling even higher price inflation...
https://www.washingtonpost.com/business/2022/03/09/fitch-ratings-russia-default-ukraine-sanctions/

Trump bizarrely claims the United States is a ‘developing nation’ in confused anti-China rant – Raw Story

During his latest White House coronavirus press briefing, President Donald Trump faced questions on his decision to defund the World Health Organization. Trump replied with a confused rant about China, claiming that they get preferential treatment from both the WHO and the World Trade Organization because they’re a “developing country” — and “We’re a developing nation too, in my book.”
https://www.rawstory.com/2020/04/trump-bizarrely-claims-the-united-states-is-a-developing-nation-in-confused-anti-china-rant/