invidious
“Rising rates will add to the allure of American assets, potentially making the dollar even stronger. For the governments, households and firms in the developing world that have borrowed trillions of dollars in recent years, interest and repayment costs will climb in terms of local currency. If fears about their debts lead to more outflows of capital, central banks in the weakest countries will face an invidious choice between letting their currencies plummet and ratcheting up interest rates to defend them. The former will only aggravate the burden of their foreign-debt load; the latter will stifle growth.”

1 How to understand the meaning of" invidious" here

Question

invidious
“Rising rates will add to the allure of American assets, potentially making the dollar even stronger. For the governments, households and firms in the developing world that have borrowed trillions of dollars in recent years, interest and repayment costs will climb in terms of local currency. If fears about their debts lead to more outflows of capital, central banks in the weakest countries will face an invidious choice between letting their currencies plummet and ratcheting up interest rates to defend them. The former will only aggravate the burden of their foreign-debt load; the latter will stifle growth.”

1 How to understand the meaning of" invidious" here

Answer

Per the Oxford Dictionaries:

"(Of an action or situation) likely to arouse or incur resentment or anger in others"

In your example, who would be resentful?  Voters.  Politicians.  Foreign creditors.  Other governments.  The World Bank.  Etc.

Answer

Hey Mark,

Invidious means unpleasant and likely to cause bad feelings in somebody.

Answer

Unjust or unfair.