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Global Cost of Living Crisis, World Economy in a Fragile State - World [1]
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Date: 2023-07
INTRODUCTION
Events of the past two years have left the world economy in a fragile state. Already reeling from the economic impacts of the pandemic and climate change, Russia’s invasion of Ukraine in 2022 has pushed many countries beyond their ability to cope. Rising food and fuel prices, debt distress, and tightening financial conditions are now combining to create what the UN is calling the largest cost of living crisis of the 21st century.
Although the crisis is global, lower income countries are often the most affected by rising costs. Food and fuel comprise a larger share of the budget for citizens in developing countries, magnifying the impact of any price increases. Chronic debt and mismanagement in many developing nations leaves governments with limited means to support their populations, perpetuating a cycle of poverty, hunger, and civil unrest.
To understand how people around the world are experiencing and coping with the cost of living crisis, GeoPoll conducted a survey in August 2022 in 9 countries from across Latin America and the Caribbean, Africa, the Middle East, and Asia.
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[1] Url:
https://reliefweb.int/report/world/global-cost-living-crisis-world-economy-fragile-state
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