Extremely. On many fronts, the fate of one country is inextricably intertwined to that of other countries, especially its neighbours.
1) A country can face problems because its economic partner faces problems.
2) Environmental concerns are never localised. The region, or the whole world, is affected.
3) Technology has exacerbated the potential for global crime syndicates or terrorist networks.
4) However, good government can also prevent a country from being (severely) affected by the problems that other countries face. (plan B ? diversification & spreading risk ? planning ahead ?)
5)It could also be a case of one country’s bad luck becoming another country’s good fortune