The world is being hit with, or will soon be hit with, 8 shocks to the global economy, according to Citi strategist Guillermo Felices.

It all started with surging food prices in developing markets, but now it may be spreading from the emerging markets to the developed world.

It's important to understand how the first seven of these crises relate to one another, and how the eighth is exacerbating an already difficult situation.

We go through Guillermo Felices' shocks and detail each, looking into how each is transpiring and impacting the global economy.